Dino Melaye criticises Tinubu borrowing spree, warns the president may soon borrow from fintechs like Opay and Moniepoint if reckless borrowing continues

Former Kogi West senator Dino Melaye has harshly criticised President Bola Tinubu’s borrowing strategy, warning that the president may soon resort to borrowing from fintech companies like Opay and Moniepoint if caution is not exercised.

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Melaye made the comments while appearing on Arise Television’s Prime Time on Monday, responding to concerns earlier raised by the Speaker of the House of Representatives, Tajudeen Abbas, about the alarming pace of foreign borrowing under the current administration.

“Why is the president borrowing $1.7 billion from the World Bank?” Melaye asked.
“Why has the Senate already approved $21 billion, with more on the way?”

He described Tinubu’s administration as “one of the most reckless governments” in Nigeria’s history, accusing the president of hypocrisy and financial irresponsibility.

Melaye also slammed recent high-profile purchases allegedly made by the presidency, including:

A luxury yacht, which he claims is anchored between Monaco and Paris, and not within Nigerian territorial waters.
A new presidential jet, reportedly acquired without National Assembly appropriation.

“That jet was tagged a gift because the money used to buy it was not appropriated. Gifts have to be declared. Who gifted it?”
“They’re calling it a gift to avoid accountability.”

Drawing comparisons to past Nigerian leaders, Melaye criticised the president’s choice of luxury vehicles, noting that past heads of state used Mercedes Benz S-Class, while Tinubu is allegedly using more extravagant versions.

“Trump is using that type in America. So who are we trying to impress while people are hungry?”

Melaye also accused Tinubu of manipulating the National Assembly, noting that the legislature’s budget has more than doubled since his assumption of office.

“From ₦150 billion in the 8th Senate to over ₦300 billion today. Why? To make the National Assembly a parastatal of the Villa.”

Citing comments by Speaker Abbas, who is also a member of the APC, Melaye noted that even top government officials were becoming uneasy with the current borrowing trajectory.

“If we are making more money as the government claims, why borrow so much? Even the Speaker is raising eyebrows.”

In a cutting remark that went viral across social media, Melaye concluded:

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“We will not be surprised if the president starts borrowing from Opay and Moniepoint very soon.”