The Presidency recently defended the country’s growing debt, asserting that borrowing is a necessary and legitimate tool for funding national development and economic reforms.
A presidential spokesperson, Sunday Dare, responded to criticisms from politician Dino Melaye, who mocked the government’s borrowing on a television programme.
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In a statement on his X page, Dare countered Melaye’s remarks, stating that the debt debate should focus on sustainability and improved revenue rather than “alarmist soundbites.”
He explained that Nigeria’s public debt had reached ₦149.39 trillion by March 31, 2025, primarily due to the naira’s devaluation, which increased the local value of existing foreign loans, not from taking on reckless new debt.
Dare highlighted that Nigeria’s debt-to-GDP ratio remains moderate at 40-45%, which is significantly lower than that of other African nations like South Africa (70%) and Ghana (over 90%).
He emphasised that the nation’s primary economic challenge isn’t excessive borrowing but rather the need to boost revenue mobilisation.
He noted that revenue is improving, which strengthens the country’s ability to service its debts.
He dismissed Melaye’s critique as uninformed, suggesting that the politician’s comments were more for entertainment than for providing a genuine understanding of economic issues.
“Borrowing is a legitimate tool for financing growth and reforms. What matters is sustainability, not soundbites. Unfortunately, Dino prefers theatrics to truth.
“Until he acquaints himself with basic economics, his commentary will remain what it has always been: entertainment, not enlightenment”, he said.
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According to Dare, the President Bola Tinubu administration is concentrating on sustainable economic reforms, and borrowing is an essential part of that strategy.
