Special Adviser to President Bola Tinubu on Public Communications and Orientation, Sunday Dare, has taken a swipe at former Kogi West senator, Dino Melaye, over his comments on Nigeria’s rising debt profile.
In a post on X, Dare dismissed Melaye’s claim that the Federal Government was borrowing from platforms such as OPay and Moniepoint, describing the remark as “noise, not knowledge.”
He explained that the surge in the nation’s debt stock was largely driven by the depreciation of the naira against the dollar rather than reckless borrowing.
Citing figures from the Debt Management Office, Dare said Nigeria’s public debt stood at ₦149.39 trillion as of March 31, 2025.
“The increase is not due to fresh reckless loans but the arithmetic of naira depreciation,” he noted.
The presidential aide argued that Nigeria’s debt-to-GDP ratio, estimated between 40 and 45 per cent, remained moderate when compared to South Africa’s 70 per cent and Ghana’s 90 per cent.
He stressed that the real challenge facing the economy was revenue mobilisation, which he said was already improving.
“Borrowing is a legitimate tool for financing growth and reforms.
“What matters is sustainability, not soundbites. Unfortunately, Dino prefers theatrics to truth,” Dare said.
He further accused Melaye of resorting to sensational commentary without understanding economic fundamentals, adding that such an approach made him “more of an entertainer than a serious voice in national discourse.”