Presidency Hits Back at Melaye's Debt Crisis Claims - Defends Borrowing Patterns

The Presidency responded to former Senator Dino Melaye's remarks suggesting Nigeria might resort to borrowing from local fintech firms due to the debt crisis. Melaye criticized the government's borrowing practices despite claims of increased revenue.

The Speaker of the House of Representatives and APC member also expressed concerns over the government's loan requests. In response, the Presidency's aide, Sunday Dare, dismissed Melaye's comments as entertainment and provided data from the Debt Management Office showing Nigeria's public debt at ₦38 trillion as of March 31, 2025.

The surge in debt was attributed to naira depreciation and reckless borrowing, with Nigeria's debt-to-GDP ratio considered moderate compared to other countries.