Former Kogi West Senator, Dino Melaye, has criticized Nigeria’s borrowing practices, describing the country as a “chattered borrowing nation.”
In a statement posted on his verified X handle on Thursday, Melaye highlighted the scale of national debt accumulation under recent administrations. He noted that during the eight-year tenure of late former President Muhammadu Buhari, Nigeria borrowed N83 trillion. However, under President Bola Tinubu, the country has reportedly borrowed N158 trillion in just three years.
“Buhari, with subsidy, borrowed 83 trillion in 8 years, while Tinubu, without subsidy, borrowed 158 trillion in 3 years. We have become a chattered borrowing nation. Where is the borrowed money, please?” Melaye questioned.
Recent data indicates that public debt under the Tinubu administration has surged significantly. By December 2024, Nigeria’s total debt stood at N144.67 trillion ($94.23 billion), up sharply from N87.379 trillion in June 2023.
A substantial portion of this borrowing comes from both domestic and external sources. Notable loans include at least ten major external loans from the World Bank, amounting to approximately $7.2 billion, alongside a N1.15 trillion domestic loan aimed at funding the 2025 budget.
Melaye’s statement underscores growing concerns among Nigerians regarding transparency and accountability in public finances. He questioned the management of borrowed funds, reflecting widespread public anxiety over rising debt levels and the implications for the nation’s economic stability.
The rapid increase in borrowing has sparked debates over fiscal policy and the sustainability of Nigeria’s debt, with critics calling for greater oversight and a clearer strategy to ensure borrowed funds are effectively utilized to drive development and improve living standards.
