Sunday Dare, Special Adviser on Media and Public Communication to President Bola Tinubu, has responded to comments made by former Kogi West Senator, Dino Melaye, during an interview on Arise Television’s Prime Time. Melaye had accused the Tinubu administration of recklessness, suggesting it may soon borrow loans from fintech companies.
Dare countered Melaye’s claims, stating that borrowing is a legitimate tool for financing growth and reforms. He emphasized the importance of understanding basic economics, citing Nigeria’s total public debt as of March 31, 2025, which stood at ₦149.39 trillion, according to the Debt Management Office. Dare explained that the increase in debt is largely due to the depreciation of the naira, which affects the value of existing external debt.
Nigeria’s debt-to-GDP ratio is currently at 40-45%, which is moderate compared to other countries such as South Africa and Ghana, with ratios of 70% and 90% respectively. Dare noted that 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, stating that they are more focused on entertainment than enlightenment. He encouraged Melaye to acquaint himself with basic economics to provide more informed opinions. The exchange highlights the ongoing debate about Nigeria’s economic policies and the role of borrowing in financing growth and reforms.
The Nigerian government has been working to improve revenue mobilization and reduce its reliance on borrowing. However, the use of borrowing as a legitimate tool for financing growth and reforms remains a topic of discussion. As the country continues to navigate its economic challenges, informed commentary and nuanced understanding of economic principles will be essential in shaping public discourse and policy decisions.
