Former lawmaker and Peoples Democratic Party (PDP) chieftain, Senator Dino Melaye, has cautioned that the borrowing pattern of President Bola Tinubu’s administration may plunge Nigeria into a fiscal crisis, warning that the government could soon be forced to seek credit from loan apps if the trend continues.
Melaye, who represented Kogi West in the Senate, said in a statement on Monday that the mounting external and domestic debts being piled up by the Federal Government reflect “reckless economic management” and disregard for sustainable fiscal policies.
He argued that while the government continues to justify its borrowings on the need to finance infrastructural projects and bridge revenue shortfalls, the loans have not translated into meaningful improvement in the lives of ordinary Nigerians.
>Tinubu’s government is already mortgaging the future of our children with these endless borrowings. If care is not taken, the next thing will be resorting to mobile loan apps just to meet recurrent expenditure,” Melaye stated.
The former senator noted that the rising debt service-to-revenue ratio remains one of the clearest indicators of Nigeria’s fiscal stress, with a significant portion of earnings already dedicated to servicing past loans.
He further accused the administration of lacking a clear-cut economic blueprint, saying that continuous borrowing without a robust plan for revenue generation or productive investments only deepens the country’s economic woes.
“Nigerians are already groaning under the weight of inflation, joblessness, and poverty. What the government should focus on is stimulating production, cutting waste, and plugging leakages—not piling up debts,” Melaye added.
The Debt Management Office (DMO) recently disclosed that Nigeria’s total public debt has crossed ₦121 trillion, sparking nationwide concerns over the sustainability of the country’s fiscal trajectory.
While the Federal Government maintains that its borrowing is strategic and within sustainable limits, critics like Melaye insist that unless urgent steps are taken to rethink the debt strategy, Nigeria may face dire economic consequences.
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