Speaking on Arise Television, Melaye pointed out that despite the government's increasing debt, Nigerians are facing "massive hunger".
He questioned the logic behind recent loan requests, including a $1.7 billion facility from the World Bank and the Senate's approval of about $21 billion in borrowing.
Melaye described the administration's borrowing spree as "unprecedented" and contradictory to its stated goal of eliminating waste.
He also criticized the purchase of a yacht, allegedly used outside Nigeria's territorial waters, as an example of extravagant spending.
In response, the Presidency dismissed Melaye's comments as "entertainment, and not enlightenment".
According to the Debt Management Office, Nigeria's total public debt stood at ₦149.39 trillion as of March 31, 2025. The Presidency argued that the increase in debt is largely due to the naira's depreciation, not reckless borrowing.