Tinubu may soon borrow from Opay, Moniepoint – Dino Melaye

Former Senator representing Kogi West, Dino Melaye, has criticized President Bola Tinubu over what he described as excessive borrowing and reckless spending by the current administration.

Speaking on Arise Television’s Prime Time on Monday, Melaye warned that at the rate Tinubu’s government is borrowing, the country might soon seek loans from local fintech platforms like Opay and Moniepoint.

His remarks followed recent concerns raised by Speaker of the House of Representatives, Tajudeen Abbas, who described Nigeria’s growing debt profile as critical.

“Why is the president borrowing $1.7 billion from the World Bank?” Melaye queried. “The Senate has approved $21 billion so far, with more loans pending. This government is one of the most reckless in Nigeria’s history.”

The former lawmaker also condemned what he described as extravagant expenditures by the presidency, including the reported purchase of a luxury yacht and a new presidential jet.

“At a time of widespread hunger and economic hardship, the president bought a yacht that hasn’t even entered Nigerian waters—it’s operating between Monaco and Paris,” he claimed.

Melaye dismissed reports that the newly acquired presidential jet was a gift, arguing that it was purchased without National Assembly approval, and therefore disguised as a gift.

“If it was truly a gift, then who gave it? Why hasn’t it been declared publicly? Tom David West was sacked over an undeclared gold wristwatch,” he added.

He further criticized Tinubu’s decision to use a high-end Mercedes-Benz as his official vehicle, claiming that past Nigerian leaders had used the same S-Class model without fanfare.

Melaye also took aim at the rising budget of the National Assembly, which he said had doubled from ₦150 billion during the 8th Senate to over ₦300 billion under the current administration.

“A president who claimed to be curbing wastage is spending lavishly while borrowing excessively,” he said. “If we’re making more revenue, why are we borrowing at this rate—even members of the ruling APC are now worried.”

He concluded sarcastically: “At this pace, we won’t be surprised if the president starts borrowing from Opay and Moniepoint.”