Former Senator Dino Melaye Critiques National Debt Surge Under Tinubu Administration as Nigeria Becomes a ‘Chattered Borrowing Nation’

Former Senator Dino Melaye labels Nigeria a ‘chattered borrowing nation’ as public debt hits record highs under President Tinubu. Read the full economic report.

By: AXL Media

Published: Mar 26, 2026, 6:13 AM EDT

Source: The information in this article was sourced from Politics Nigeria

Escalating Debt Profiles and the Chattered Nation Narrative

Former Kogi West Senator Dino Melaye has issued a scathing critique of the federal government’s fiscal strategy, describing Nigeria as a “chattered borrowing nation.” In a statement released via his verified social media channels on Thursday, Melaye highlighted the dramatic increase in the country's liability profile under President Bola Ahmed Tinubu. The former lawmaker’s remarks suggest a growing concern among political figures regarding the sustainability of the nation’s credit appetite. By using the term "chattered," Melaye implies that borrowing has moved beyond a temporary necessity to become a defining characteristic of the current administration’s economic framework.

Comparative Analysis of Sequential Presidential Borrowing

A central point of Melaye’s critique involves a direct comparison between the current administration and that of former President Muhammadu Buhari. Melaye noted that during Buhari’s eight year tenure, which included the maintenance of fuel subsidies, the nation borrowed approximately 83 trillion Naira. However, he lamented that under the Tinubu administration, borrowing has reportedly reached 158 trillion Naira in just three years, despite the removal of the subsidy regime. This comparison is intended to highlight what Melaye perceives as an irrational acceleration of debt accumulation in an environment that was expected to yield greater fiscal savings.

Statistical Breakdown of Public Debt Growth

Official reports corroborate the significant upward trajectory of Nigeria’s public debt during the current leadership cycle. By December 2024, the nation’s total public debt stood at 144.67 trillion Naira, or approximately 94.23 billion dollars, representing a sharp increase from the 87.379 trillion Naira recorded in June 2023. This spike in the debt ceiling is attributed to a combination of currency devaluation effects and new credit facilities. The rapid transition from double digit to triple digit trillion Naira debt levels marks a historic shift in the scale of the Nigerian government’s financial obligations.