Former Kogi West senator, Dino Melaye, has described Nigeria as a “chattered borrowing nation,” citing the rapid rise in the country’s debt under successive administrations.
Melaye made the comment in a statement posted on his verified X handle on Thursday.
He noted that under the late former President Muhammadu Buhari, Nigeria borrowed N83 trillion over eight years.
However, the former lawmaker lamented that the nation has borrowed N158 trillion in just three years under incumbent President Bola Ahmed Tinubu.
“Buhari, with subsidy, borrowed 83 trillion in eight years, while Tinubu, without subsidy, borrowed 158 trillion in three years. We have become a chattered borrowing nation. Where is the borrowed money, please?” Melaye asked.
According to reports, under President Tinubu, Nigeria’s public debt rose sharply to N144.67 trillion ($94.23 billion) by December 2024, up from N87.379 trillion in June 2023.
Significant loans during this period include at least 10 major external loans from the World Bank, amounting to approximately $7.2 billion, as well as a N1.15 trillion domestic loan to fund the 2025 budget.