Former Kogi West Senator, Dino Melaye has decried the rate of borrowing by President Bola Tinubu.

Melaye said Tinubu may soon borrow from Nigeria’s leading fintech companies, Opay and Moniepoint if care was not taken.

He was reacting to the concerns raised by the Speaker of the House of Representatives, Tajudeen Abbas over the rate of foreign loans by Tinubu’s administration.

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 dismissed claims that the new presidential jet was a gift to Tinubu.

Melaye said the money used in purchasing the presidential jet was not appropriated by the National Assembly, hence it was tagged 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?

“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.”