Barrister Dino Melaye has once again traded substance for spectacle. In his latest television appearance, he cast himself as Nigeria’s chief political entertainer, tossing around cheap jabs about “borrowing from OPay and Moniepoint.”
But here are the facts: Nigeria’s total public debt stood at ₦149.39 trillion as of March 31, 2025, according to the Debt Management Office. The jump from last year is not the result of reckless borrowing, but largely the arithmetic of naira depreciation. When the currency adjusts, the naira value of existing external debt rises—whether or not new loans are taken.
Nigeria’s debt-to-GDP ratio remains a moderate 40–45%, well below South Africa’s 70% or Ghana’s 90% plus. The real challenge lies in revenue mobilization, not runaway borrowing. Encouragingly, revenues are improving, strengthening our capacity to service obligations.
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.
*Sunday Dare
