Dino Melaye, a former senator from Kogi West, has criticised President Bola Tinubu’s borrowing rate and the alarming debt situation of the country.
Melaye warned that if caution is not exercised, Tinubu would soon borrow from Opay and Moniepoint, two of Nigeria’s top fintech firms.
Melaye said this in response to Tajudeen Abbas, the Speaker of the House of Representatives, who expressed worries over Tinubu’s administration’s foreign debt rate.
Speaking at the opening of the 11th Annual Conference of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja on Monday, the Speaker called for urgent and transparent reforms in the country’s borrowing practices and demanded stronger parliamentary oversight to avert a looming structural crisis.
Featuring on Arise Television’s Prime Time on Monday night, Melaye said: “Why is the president borrowing $1.7 billion from the World Bank? Why has the Senate approved $21 billion so far with many others coming for consideration?
“This government is one of the most reckless governments in the history of this country. The president who said he wanted to come and curb wastages bought a yacht, that yacht the president bought has never been to the territorial area of Nigeria, it’s between Monaco and Paris.
“Why do we need a yacht in a time of austerity, in a time of pervasive hunger like this. The president also within a few months of being in office, bought a presidential jet that cost Nigerians billions.”
The former lawmaker also denied rumours that Tinubu received the new presidential jet as a gift.
Melaye said that because the National Assembly had not allocated the funds used to buy the presidential jet, it was classified as a gift.
He added: “It was purchased, a gift by who? Gifts have to be declared. Why was Tom David West removed from office? It was because he got a gift of a gold wrist watch that was not declared, if you have a gift, declare who gave it to you.
“They called it a gift because the money used in the purchase of that aircraft was not appropriated by the National Assembly, that is why it was tagged as a gift.
“Since Tafawa Balewa, Azikiwe, down to Buhari – every president and Prime Minister in this country used the Mercedes Benz S-Class as their official vehicle.
“The president is using a German Mercedes Benz, the same type that Trump is using in America and you say that you want to curb wastages and?
“In the 8th Senate, the budget of the National Assembly was N150 billion, from N150 billion – today, the president has increased the National Assembly budget to over N300 billion, in order to make them a parastatal or ministry of the Villa.
“So, a president who said he was coming to curb wastages, who said he was coming to renew hope bought a yacht, Cadillac, bought an aircraft, increased the money of the National Assembly, and has borrowed like no other president in history.
“If you are making more money, why are you borrowing? To the extent that the Speaker of the House of Representatives is also concerned, who is a member of the APC.
“We will not be surprised if the president starts borrowing from Opay and Moniepoint very soon.”
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