Nigeria's Debt Surges Under Tinubu, Says Dino Melaye

Dino Melaye, a former senator representing Kogi West, has labeled Nigeria a "chattered borrowing nation" under President Bola Ahmed Tinubu's administration. He made this statement in response to the alarming rise in the country's debt, which has escalated from N83 trillion during the eight-year tenure of former President Muhammadu Buhari to N158 trillion in just three years under Tinubu.

Melaye emphasized that this rapid increase in borrowing, which includes at least ten major external loans from the World Bank amounting to approximately $7.2 billion and N1.15 trillion in domestic loans to fund the 2025 budget, is concerning. He noted that Nigeria's public debt sharply rose to N144.67 trillion (approximately $94.23 billion) by December 2024, compared to N87.379 trillion in June 2023.

Melaye's remarks underscore the urgent need for fiscal responsibility and effective management of the nation's finances.