Former Senator Dino Melaye has raised alarm over what he described as the Federal Government’s “reckless borrowing spree,” warning that the trend, if unchecked, could soon force Nigeria into the humiliating position of resorting to digital loan applications to finance its obligations.
Speaking in reaction to recent reports on Nigeria’s rising debt profile, Melaye cautioned that the current administration’s incessant appetite for loans without a clear repayment framework or visible impact on infrastructure development is a dangerous path. He warned that this could erode investor confidence, weaken the naira further, and expose the nation to a deeper debt trap.
“The way the government is borrowing recklessly, without transparency or accountability, is frightening. If care is not taken, Nigeria will soon be reduced to applying for loans from mobile apps to meet its basic responsibilities,” Melaye stated.
The former lawmaker stressed that while borrowing is not inherently bad when directed towards productive ventures, the absence of fiscal discipline, coupled with wasteful expenditure, raises serious questions about sustainability.
He urged the Federal Government to prioritize revenue generation through diversification, block leakages in public finance, and embark on aggressive economic reforms rather than consistently turning to external and internal borrowing as a first option.
Melaye further appealed to Nigerians to hold leaders accountable, insisting that unchecked borrowing will mortgage the country’s future generations.