Former lawmaker representing Kogi West Senatorial District, Senator Dino Melaye, has accused President Bola Ahmed Tinubu’s administration of reckless borrowing and extravagant spending, warning that the trend could soon push the country into seeking loans from financial technology platforms.

Speaking on Arise Television on Monday, Melaye said Nigeria was facing “massive hunger” despite the government’s rising appetite for external loans. He pointed to recent loan requests, including a $1.7 billion facility from the World Bank, and the Senate’s approval of about $21 billion in borrowing.

“There is massive hunger in the land. Why is the president borrowing $1.7 billion from the World Bank? Why has the Senate approved $21 billion so far with many others coming for consideration?” he asked.

The former lawmaker described the borrowing spree as unprecedented, arguing that it contradicts the administration’s stated commitment to eliminate waste. 

“This government is one of the most reckless governments in the history of this country. The president who said he wanted to come and curb wastages bought a yacht,” Melaye said.

He criticised the purchase of the yacht, claiming it was being used outside Nigeria’s territorial waters.

 

“That yacht he bought has never been to the perimeters, the territorial areas of Nigeria — it’s been between Monaco and Paris. And what do we need a yacht for in a time of austerity and pervasive hunger?” he queried.

Melaye insisted that President Tinubu had borrowed more aggressively than any of his predecessors. 

“He has borrowed like no other president in the history of the country. If you are making more money, then why are you borrowing?” he asked.

Mocking the administration’s growing debt profile, he added: “We will not be surprised if the president starts borrowing from Opay and Moniepoint very soon.”

Vanguard News
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