Former Kogi West lawmaker, Senator Dino Melaye, has criticised President Bola Tinubu’s administration over a reckless borrowing spree and extravagant spending.
Speaking on Arise Television, Melaye raised concerns that if the current trend continues, Tinubu’s government might soon resort to borrowing from leading fintech companies in the country.
Melaye’s comments come in the wake of the House of Representatives Speaker, Tajudeen Abbas, also expressing worry over the administration’s appetite for foreign loans.
“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?” Melaye questioned, asserting that “This government is one of the most reckless governments in the history of this country.”
The former lawmaker also took aim at the president’s spending on new assets, specifically mentioning a presidential yacht and an aircraft.
“The president who said he wanted to come and curb wastages bought a yacht,” Melaye stated, adding that “that yacht the president bought has never been to the territorial area of Nigeria, it’s between Monaco and Paris.”
He also dismissed claims that a new presidential jet was a gift to Tinubu.
His words: “It was purchased, a gift by whom? 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, which 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?
“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, to make it 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, a 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 (loan apps) very soon.”
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