Sunday Dare, Special Adviser on Media and Public Communications to the President, has dismissed remarks by former Kogi senator, Dino Melaye, on Nigeria’s debt profile, describing them as “misleading” and “more drama than economics.”
Gatekeepers News reports that in a statement issued on Monday, Dare said Melaye had “once again traded substance for spectacle,” after suggesting in a televised appearance that Nigeria might soon “borrow from OPay and Moniepoint.”
While such remarks may entertain, Dare argued, they distort the fiscal realities. He pointed out that Nigeria’s public debt stood at N149.39 trillion as of March 31, 2025, according to figures from the Debt Management Office (DMO).
He explained that the recent surge in debt figures was largely due to the naira’s depreciation, which inflated the domestic value of existing foreign loans, rather than 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.
“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 tool for financing reforms and growth, adding that sustainability is the true test of sound economic management.
“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,” he added.
