Sunday Dare, Special Adviser on Media and Public Communication to President Bola Tinubu, responded to former Kogi West Senator Dino Melaye’s remarks on Arise Television’s Prime Time. Melaye had accused the Tinubu administration of recklessness, suggesting it might soon borrow loans from fintech companies.
Dare countered these claims, asserting that borrowing is a legitimate tool for financing growth and reforms. He emphasized the need to understand basic economics, noting that Nigeria’s total public debt as of 31 March 2025 stood at ₦149.39 trillion, according to the Debt Management Office. The increase, he explained, is largely due to the depreciation of the naira, which reduces the value of existing external debt.
He pointed out that Nigeria’s debt‑to‑GDP ratio is currently 40‑45%, a moderate level compared with South Africa’s 70% and Ghana’s 90%. According to Dare, the real challenge lies in revenue mobilization rather than excessive borrowing. He added that revenue is improving, strengthening the country’s capacity to service its obligations.
Dare criticized Melaye’s comments as lacking substance and more focused on entertainment than enlightenment, urging him to familiarize himself with basic economics to offer more informed opinions. The exchange underscores the ongoing debate over Nigeria’s economic policies and the role of borrowing in financing growth and reforms. While the government works to improve revenue mobilization and reduce reliance on borrowing, informed commentary and a nuanced understanding of economic principles remain essential for shaping public discourse and policy decisions.
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