Former senator Dino Melaye has criticized President Bola Tinubu’s administration, saying that at the current borrowing pace, the government might soon seek loans from Nigerian fintech firms like Opay and Moniepoint.

In an interview on ARISE Television, Melaye accused the Tinubu government of making hunger and poverty worse, despite taking billions of dollars in foreign loans.

He questioned the reasoning behind borrowing $1.7 billion from the World Bank and noted that the Senate has approved $21 billion in loans, with more on the way. “Why is this government borrowing so much when people are struggling?” he asked.

Melaye also criticized the administration for what he called wasteful spending, pointing out the controversial purchase of a presidential yacht.

“This government is one of the most careless in Nigeria’s history. The president, who promised to reduce waste, bought a luxury yacht that has mostly stayed in Monaco and Paris. How does a yacht help Nigerians facing hunger and economic hardship?” he asked.

He warned that the government’s excessive borrowing could soon lead it to seek funds from local fintech companies. “If borrowing keeps going this way, we won’t be surprised if they turn to Opay and Moniepoint next,” Melaye said.

Melaye’s statement aligns with concerns from the African Democratic Congress (ADC), which recently cautioned that the Tinubu government’s borrowing could push Nigeria’s debt past ₦200 trillion by year-end.

The ADC also accused the government of risking the country’s future by accumulating enormous debts under the guise of economic reforms, according to their National Publicity Secretary, Mallam Bolaji Abdullahi.