Former Kogi West Senator, Dino Melaye, has criticized President Bola Tinubu over the growing rate of borrowing by his administration.

Melaye warned that if the trend continues, Tinubu might end up borrowing from top Nigerian fintech firms, Opay and Moniepoint.

He was responding to concerns raised by the Speaker of the House of Representatives, Tajudeen Abbas, regarding the rising foreign loans being secured by the government.

Speaking on Arise Television’s Prime Time on Monday night, Melaye questioned:

“Why is the president borrowing $1.7 billion from the World Bank? Why has the Senate already approved $21 billion with more requests still pending?

“This government is one of the most reckless in the history of this country. A president who claimed he came to cut wastages bought a yacht — one that has never been to Nigerian waters but is in Monaco and Paris.

“Why do we need a yacht during a period of austerity and widespread hunger? Within just a few months of taking office, the president also bought a presidential jet worth billions.”

Melaye dismissed suggestions that the new jet was a gift, stressing that the purchase was not approved by the National Assembly.

He argued:

“It was bought, but they tagged it as a gift because the funds were not appropriated by the National Assembly. If it’s truly a gift, then declare who gave it. Remember, Tom David West was removed from office for failing to declare a gold wristwatch gift.

“Since the days of Tafawa Balewa and Azikiwe down to Buhari, every president and prime minister used the Mercedes Benz S-Class as an official car. Now, Tinubu is using a German Mercedes Benz similar to what Trump used in America, yet he claims to be cutting wastages.”

The former lawmaker further accused the president of doubling the National Assembly’s budget for political reasons.

“In the 8th Senate, the National Assembly budget was N150 billion. Today, the president has raised it to over N300 billion, turning them into a parastatal of the Villa.

“So, a president who promised to curb wastage and renew hope has instead bought a yacht, a Cadillac, an aircraft, increased the legislature’s budget, and borrowed more than any president in history.

“If revenues are increasing, why the borrowing? Even the Speaker of the House of Representatives, an APC member, has expressed worry.

“At this rate, we won’t be shocked if Tinubu begins to borrow from Opay and Moniepoint soon.”