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Presidency Blasts Dino Melaye over Debt Remarks

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Dino Melaye

Presidency blasts Dino Melaye, calling his debt critique “noise, not knowledge,” while defending Nigeria’s borrowing as sustainable and strategic

Presidency blasts Dino Melaye for what it termed “noise, not knowledge,” following the former senator’s mockery of Nigeria’s borrowing practices on national television.

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Also read: Melaye Slams Tinubu Over Soaring Borrowing Rates

In a statement on Tuesday, Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, accused Melaye of prioritizing spectacle over substance.

Dare specifically referenced Melaye’s jabs about Nigeria supposedly borrowing from fintech firms like OPay and Moniepoint.

Citing Debt Management Office (DMO) figures, Dare clarified that Nigeria’s total public debt stood at ₦149.39 trillion as of March 31, 2025. He stressed that the sharp rise compared to 2024 was largely due to naira depreciation, not fresh loans.

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“When the currency adjusts, the naira value of existing external debt rises, whether or not new loans are taken,” Dare explained.

He added that Nigeria’s debt-to-GDP ratio remains between 40% and 45%, well below South Africa’s 70% and Ghana’s 90%, making the country’s debt levels sustainable. According to him, the real challenge lies in raising revenue — an area where reforms are beginning to show results.

The Presidency defended borrowing as a “legitimate tool for financing growth and reforms” and urged that sustainability, not sensational soundbites, should drive debate.

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The statement, titled “Dino Melaye’s Debt Drama: Noise, Not Knowledge,” dismissed the senator’s comments on a proposed \$1.7 billion World Bank loan and the Senate’s approval of \$21 billion in external borrowing.

Melaye, speaking on Arise Television on September 8, 2025, had described the borrowing scale as “unprecedented” and accused the government of contradicting its pledge to cut waste, even pointing to controversial spending such as the alleged purchase of a presidential yacht.

Dare said Melaye’s remarks echoed “exaggerated” warnings from the African Democratic Congress (ADC), which predicted that Nigeria’s debt could top ₦200 trillion by the end of 2025.

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According to the Presidency, borrowing is tied to strategic investments in infrastructure, health, education, and security, under the Medium-Term External Borrowing Plan approved in July 2025.

The statement also referenced reforms like fuel subsidy removal, exchange rate unification, and July’s GDP rebasing, which lowered Nigeria’s debt-to-GDP ratio to around 39%, just below the 40% fiscal threshold.

Also read: George Ozodinobi Sparks Outrage with N19b Budget Claim

“The administration will not be distracted by theatrics,” Dare concluded, urging Melaye to engage with facts rather than “entertainment politics.”

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Probe Into Fake Federal Agencies Not Over, ICPC Insists

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has said its investigation into the alleged operation of fake federal agencies within the Federal Government is still ongoing, despite the reinstatement of two permanent secretaries suspended over the matter.

The commission maintained that it stood by its earlier findings that other purported fake agencies had been discovered during its investigations, adding that further action would be announced when the process was concluded.

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ICPC spokesperson, John Odey, disclosed this while responding to an enquiry on the status of the investigation in Abuja.

He said the commission was still examining the allegations and had yet to decide whether the findings would result in further court action.

“The ICPC stands by what it said about finding out in the course of our investigations that there were some other fake agencies. Investigations are ongoing.

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“As usual, when the ICPC is ready to either go to court or not to go to court, we would let you know. But for now, investigations are ongoing. Let it be on record that the ICPC stands by what it said before,” Odey said.

The commission had on August 21, 2026, announced the discovery of a purported fake federal agency operating under the name National Brands Development and Made in Nigeria Special Project Office.

The ICPC alleged that the organisation was promoted by George Buchi Nwabueze, with the suspected involvement of senior public servants in the Office of the Secretary to the Government of the Federation (OSGF).

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Following the disclosure, President Bola Tinubu ordered Nwabueze’s arrest and the suspension of three permanent secretaries: Mohammed Danjuma, Nandungu Gagare and Richard Pheelangwa.

The discovery emerged during the commission’s wider investigation into the activities of the purported Presidential Foreign Intervention Promotion Council (PFIPC), which was allegedly operated by Adeniyi Adeyemi Matthew.

The ICPC had earlier reported that its investigation into the PFIPC uncovered two other purported organisations allegedly linked to Adeyemi: the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency and Public-Private Partnership.

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According to the commission, the investigation found that the PFIPC was not established by any law, executive order or other valid government instrument. It also alleged that documents presented to support the organisation’s existence, including an appointment letter, were forged.

The commission further said there was no evidence that Federal Government funds had been approved or disbursed to the purported council.

However, Nwabueze denied the allegation that the National Brands Development and Made in Nigeria Special Project Office was fake, insisting that the project office had existed within the OSGF since July 16, 2010.

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He questioned why an initiative that had allegedly been operating for 16 years was suddenly being described as fictitious.

Meanwhile, two of the three permanent secretaries suspended following the discovery have since been reinstated.

Mohammed Danjuma, Permanent Secretary, Finance (Special Duties), was reinstated following presidential approval conveyed in a letter dated October 22, 2026, by the Head of the Civil Service of the Federation, Olumuyiwa Abel. His reinstatement took effect on October 21.

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Similarly, Richard Pheelangwa, Permanent Secretary in the Ministry of Defence, resumed duty on November 3 after the Federal Government lifted his suspension.

The Minister of Defence, Christopher Musa, formally welcomed Pheelangwa back to the ministry, according to a statement by the minister’s media adviser, Leah Katung-Babatunde.

The reinstatements have, however, not brought the ICPC investigation to an end, as the commission says it is continuing efforts to establish the full circumstances surrounding the alleged operations of the purported agencies and identify anyone who may have facilitated them.

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