Veteran journalist and former presidential spokesperson, Dr. Reuben Abati, has dismissed comments made by former Kogi West lawmaker, Senator Dino Melaye, suggesting that President Bola Ahmed Tinubu’s administration may resort to borrowing from Nigerian fintech companies such as Opay and Moniepoint.
Speaking on Arise Television’s Morning Show on Tuesday, Abati described Melaye’s remarks as political banter, stressing that such claims should not be taken as serious economic analysis.
“Government Won’t Borrow From Loan Apps”
Abati expressed surprise at Melaye’s assertion, noting that the federal government’s revenue base and borrowing options are far more sophisticated than what local fintech firms could provide.
“He is a very articulate and outspoken personality, so he is accusing the president of borrowing. Now let’s look into the details: President Tinubu said ‘we have met revenue projections and are making a lot of money from non-oil, and we are not borrowing from Nigerian banks.’
I’m surprised that Melaye is talking about borrowing from Moniepoint and Opay. I don’t think that is the kind of money the Nigerian government will be looking for in terms of capacity,” Abati said.
Opposition Politics at Play
The journalist argued that Melaye’s criticisms should be seen within the context of opposition politics, as the former senator is currently a chieftain of the African Democratic Congress (ADC).
“Dino Melaye belongs to an opposition party. Naturally, you do not expect him to praise the Tinubu administration,” Abati stated.
He cautioned against sensationalizing economic debates, stressing that while constructive criticism is valid, exaggerations could mislead the public.
On the “Presidential Yacht” Allegation
Abati also addressed Melaye’s separate claim that President Tinubu purchased a luxury yacht with taxpayers’ funds and kept it overseas. He clarified that the matter dates back to the Buhari administration’s 2023 supplementary budget, when the controversial item was introduced.
“The other claim he made that Tinubu has a yacht paid for by Nigerian taxpayers and that it is between Monaco and wherever is not true. When the yacht issue came up, it wasn’t Tinubu’s administration that initiated it; it was Buhari’s.
The Navy also clarified that the vessel in question is for naval operations, not for the president’s personal luxury. It was only referred to as a ‘Presidential Yacht’ in budget documents. But in politics, anything sensational can be used to score points,” Abati explained.
Broader Context
The debate comes amid growing public scrutiny of the Tinubu administration’s borrowing record. Since taking office in May 2023, the government has faced criticism over rising debt levels, even as officials maintain that new loans are targeted at revenue-yielding projects and infrastructure.
Analysts note that while opposition voices like Melaye may amplify concerns with colorful rhetoric, commentary from figures like Abati highlights the need to distinguish political jabs from factual economic debates.
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