Former Senator Melaye Criticizes Tinubu Government Borrowing, Luxury Spending Amid Economic Hardship

Former senator Dino Melaye has sharply criticized President Bola Tinubu’s administration for what he terms reckless borrowing and wasteful expenditure amid widespread economic hardship in Nigeria. Melaye questions the necessity of borrowing $1.7 billion from the World Bank and the Senate’s approval of over $21 billion in loans, especially given increased government revenues. He condemns the purchase of a luxury presidential yacht, which he claims has never entered Nigerian waters, and a new presidential jet, alleging the latter was misrepresented as a gift to bypass legislative approval. Melaye warns that the government's mounting debt could soon force it to seek loans from fintech companies like Opay and Moniepoint, reflecting concerns over financial mismanagement and lack of transparency. He contrasts Tinubu’s spending choices with historical precedents, emphasizing the need for public funds to address hunger and economic challenges rather than luxury acquisitions. These criticisms align with broader alarms about Nigeria’s growing debt burden and the administration’s fiscal policies.