The Tinubu Media Force has dismissed recent remarks by Dino Melaye on Nigeria’s borrowing under President Bola Ahmed Tinubu, describing his comments as unserious, politically motivated, and lacking sound economic reasoning.
In a statement signed by its National Coordinator, Abiola Oluwagbenga, the group said Melaye reduced a complex fiscal issue to “political theatrics,” without offering credible alternatives.
According to the statement, Melaye deliberately focused on borrowing while ignoring broader reforms and debt management measures introduced by the Tinubu administration.
It noted that contrary to Melaye’s claims, the government has recorded significant gains, including debt restructuring, enhanced revenue mobilization, and a sharp reduction in debt-servicing pressures that burdened past governments.
The group highlighted the full repayment of the N30 trillion Ways and Means debt, which President Tinubu announced in his 2024 Independence Day broadcast.
It also cited a drop in the debt-service-to-revenue ratio from 97 percent to 68 percent, clearance of a $7 billion forex backlog, and healthy reserves of about $37 billion as evidence of improved fiscal management.
While acknowledging that Nigeria’s total public debt stood at N149.39 trillion as of March 31, 2025, the Media Force emphasized that much of the increase was driven by exchange rate depreciation rather than reckless borrowing.
It added that Nigeria’s debt-to-GDP ratio remains at a moderate 40–45 percent, far healthier than South Africa’s 70 percent and Ghana’s 90 percent, benchmarks Melaye ignored.
The group accused Melaye of hypocrisy, recalling his support for past administrations that borrowed heavily without clear repayment strategies.
It also noted proactive steps by the Tinubu government, including a N4 trillion refinancing plan to settle power sector liabilities and a $652 million China Exim Bank loan for a strategic road corridor linking the Lekki Deep Sea Port with southern trade routes.
“These are responsible borrowings tied to projects with direct economic value, unlike the unaccountable loans of the past which Melaye defended in silence,” the statement said.
The Media Force further listed initiatives such as the Nelfund student loan scheme, agro-economic reforms aimed at reducing food costs, and the compressed natural gas framework to lower transport expenses as examples of policies directly improving citizens’ welfare.
Concluding, the group described Melaye’s remarks as “comedy masquerading as analysis” and urged Nigerians not to be misled.
It encouraged President Tinubu to stay focused on reforms and sustainable prosperity while challenging the opposition to present credible alternatives instead of “throwing tantrums.”
