Sunday Dare
Sunday Dare, special adviser on media and public communications to the president, has faulted Dino Melaye, the former Kogi senator, over his remarks on Nigeria’s public debt.
Dare described Melaye’s comments as misleading and rooted more in drama than economics.
In a statement issued on Monday, Dare said Melaye had “once again traded substance for spectacle”, after suggesting on television that Nigeria would soon “borrow from OPay and Moniepoint”.
He noted that while such comments may entertain, they fail to reflect the realities of the nation’s fiscal situation.
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According to Dare, Nigeria’s total public debt stood at N149.39 trillion as of March 31, 2025, citing official figures from the Debt Management Office (DMO).
He noted that the increase from the previous year was largely the result of the depreciation of the naira, which automatically raises the domestic value of existing foreign loans, rather than evidence of reckless new borrowing.
“Nigeria’s debt-to-GDP ratio remains a moderate 40–45 percent, well below South Africa’s 70 percent or Ghana’s 90 percent plus,” Dare said.
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“The real challenge is revenue mobilisation, not runaway borrowing. Encouragingly, government revenues are improving, strengthening our capacity to service obligations.”
The presidential aide stressed that borrowing is a legitimate instrument for financing reforms and growth, adding that the real measure of economic management lies in sustainability.
“What matters is sustainability, not soundbites. Until he acquaints himself with basic economics, his commentary will remain what it has always been — entertainment, not enlightenment,” Dare added.
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