ABUJA, Nigeria — Dino Melaye, former senator representing Kogi West, has accused President Bola Tinubu’s administration of excessive borrowing and frivolous spending, warning that Nigerians are bearing the brunt through worsening hunger and economic hardship.
Speaking on Prime Time, an Arise Television programme, on Monday, September 8, 2025, Melaye criticised the government’s reliance on loans despite recent claims of improved non-oil revenue.
“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.
Melaye accused the administration of hypocrisy, noting that a government that promised to cut waste has instead approved extravagant purchases.
“The president who said he wanted to come and curb wastages bought a yacht. That yacht 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 said.
He further alleged that Tinubu had purchased a new presidential jet worth billions of naira without the constitutionally required approval from the National Assembly.
“Within a few months in office, the president bought a presidential jet that cost Nigeria billions,” Melaye claimed.
“It was purchased, and it was not a gift. They called it a gift because the money used in purchasing it was not appropriated by the National Assembly.”
The former lawmaker said Tinubu’s borrowing record is unprecedented in Nigeria’s history.
“He has borrowed like no other president in the history of the country,” Melaye said.
“If you are making more money, then why are you borrowing? We will not be surprised if the president starts borrowing from Opay and Moniepoint very soon.”
In July, the Senate approved Tinubu’s request to borrow over $21 billion from external sources for the 2025–2026 fiscal years.
The federal government has argued that the funds are needed to finance infrastructure and development projects.
