Melaye Slams Tinubu Govt Over ‘Reckless’ Borrowing, Extravagant Spending

A former lawmaker representing Kogi West senatorial district, Senator Dino Melaye, has accused President Bola Ahmed Tinubu’s administration of ‘reckless’ borrowing and extravagant spending.

Melaye, while talking in an interview on Arise Television on Monday, warned that the government may soon be forced to borrow from local fintech firms if the borrowing trend persists.

Melaye questioned the rationale behind recent loan requests, asking why the government was seeking $1.7 billion from the World Bank and pointing to the Senate’s approval of about $21 billion in external borrowing so far.

He described the scale of borrowing as unprecedented and argued it contradicts the administration’s stated aim of eliminating waste.

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“Why is the president borrowing $1.7 billion from the World Bank? Why has the Senate approved $21 billion so far, with many others coming for consideration?” Melaye questioned, asserting that “This government is one of the most reckless governments in the history of this country.”

The former lawmaker also took aim at the president’s spending on new assets, specifically mentioning a presidential yacht and an aircraft.

“The president who said he wanted to come and curb wastages bought a yacht,” Melaye stated, adding that “that yacht the president bought has never been to the territorial area of Nigeria, it’s between Monaco and Paris.”

He also dismissed claims that a new presidential jet was a gift to Tinubu.

Melaye said, “It was purchased, a gift by whom? Gifts have to be declared. Why was Tom David West removed from office? It was because he got a gift of a gold wristwatch that was not declared. If you have a gift, declare who gave it to you.

“They called it a gift because the money used in the purchase of that aircraft was not appropriated by the National Assembly, which is why it was tagged as a gift.

“Since Tafawa Balewa, Azikiwe, down to Buhari – every president and Prime Minister in this country used the Mercedes-Benz S-Class as their official vehicle.

“The president is using a German Mercedes-Benz, the same type that Trump is using in America, and you say that you want to curb wastage?

Melaye also criticised increases in lawmakers’ budgets, saying the National Assembly’s budget had roughly doubled since the 8th Senate.

“In the 8th Senate, the budget of the National Assembly was N150 billion from N150 billion – today, the president has increased the National Assembly budget to over N300 billion, to make it a parastatal or ministry of the Villa.

“So, a president who said he was coming to curb wastages, who said he was coming to renew hope, bought a yacht, a Cadillac, bought an aircraft, increased the money of the National Assembly, and has borrowed like no other president in history.

“If you are making more money, why are you borrowing? To the extent that the Speaker of the House of Representatives is also concerned, who is a member of the APC.

“We will not be surprised if the president starts borrowing from (loan apps) very soon.”

ValidViewNetwork reports Melaye’s comment comes after Speaker of the House of Representatives, Abbas Tajudeen, cautioned that the nation’s borrowing has breached its statutory ceiling and now poses a threat to fiscal stability.