Noise, Not Knowledge – Sunday Dare Slams Dino Melaye on Debt Claims
Following former Kogi West Senator Dino Melaye’s appearance on Arise Television’s “Prime Time,” President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, took to X (formerly Twitter) to criticize his remarks.
Melaye had accused the Tinubu administration of being reckless with its borrowing, even suggesting it might “soon borrow loans from Fintech companies, Opay and Moniepoint.”
In a post titled Dino Malaye’s Debt Drama: Noise, Not Knowledge, Dare called Melaye a chief political entertainer who trades substance for spectacle.
Dare advised Melaye to educate himself on basic economics, stating that his comments were entertainment and not enlightenment.
He explained that borrowing is a legitimate tool for financing growth and reforms and provided figures to counter Melaye’s claims.
He said: “In his latest television appearance, he cast himself as Nigeria’s chief political entertainer, tossing around cheap jabs about “borrowing from OPay and Moniepoint.“
“But here are the facts: Nigeria’s total public debt stood at ₦149.39 trillion as of March 31, 2025, according to the Debt Management Office. The jump from last year is not the result of reckless borrowing, but largely the arithmetic of naira depreciation.“
“When the currency adjusts, the naira value of existing external debt rises whether or not new loans are taken. “
“Nigeria’s debt-to-GDP ratio remains a moderate 40–45%, well below South Africa’s 70% or Ghana’s 90% plus. The real challenge lies in revenue mobilization, not runaway borrowing.“
“Encouragingly, revenues are improving, strengthening our capacity to service obligations.“Borrowing is a legitimate tool for financing growth and reforms. What matters is sustainability, not soundbites. Unfortunately, Dino prefers theatrics to truth.”
