Former presidential aide to Goodluck Jonathan, Reno Omokri, has revealed that prior to the economic policies introduced by President Bola Tinubu, Nigeria was spending $1.5 billion every month to artificially sustain the value of the naira.
During an appearance on ‘Inside Sources’, a political programme on Channels Television broadcast yesterday, he alleged that these funds were borrowed and not directed towards critical development areas.
Omokri criticised past administrations for funnelling substantial sums into currency support instead of healthcare, infrastructure, or education.
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“The Federal Government of Nigeria was spending $1.5 billion every month to subsidise the naira. Please assume I’m a liar and go and fact-check me—$1.5 billion every month subsidising the naira. And this was not money that we had. This was money that we were borrowing,” he stated.
Omokri went on to say that this subsidy regime encouraged excessive consumerism, pointing to the importation of luxury goods.
“We were spending $200 million annually on importing human hair for our women to wear. We were spending $75 million on French champagne and £25 million on Scotch whisky,” he added.
Defending Tinubu’s decision to float the naira, Omokri explained that the current exchange rate, which has crossed ₦1,500 to a dollar, reflects the market-determined value of the currency after the end of government intervention.
“The reason why the naira is now ₦1,560 to the dollar is not because President Bola Tinubu is a terrible president. No. It’s because he started floating the naira and stopped subsidising it,” he said.
Omokri compared past and present currency practices, noting that the naira’s official value during his tenure was artificially supported.
“I was presidential spokesman when the naira was ₦165 to a dollar. Then, the naira was being subsidised. What you were seeing as a Nigerian wasn’t the actual value,” he recalled.
He also praised the current administration’s economic performance, citing a decline in national debt and a growing trade surplus as evidence of progress.
“President Tinubu met a debt profile of $108 billion. Right now, our debt is $94 billion. It has been reduced by $14 billion. So there is no way you can call such a person someone who’s addicted to debt. With all due respect, Asiwaju Bola Tinubu has exceeded the expectations of most reasonable Nigerians,” he asserted.
Omokri pointed out that Nigeria has shifted from being Africa’s leading fuel importer to West Africa’s top fuel exporter under Tinubu.
“This man came in, Nigeria was the number one petrol importer in Africa. Right now, we are not. South Africa has now overtaken us. We are now instead the number one petrol exporter in West Africa,” he said.
While acknowledging the current economic hardship facing Nigerians, Omokri urged citizens to view the pain as a necessary phase in a broader recovery process.
“There is still a lot of suffering in the land. Nigeria is not a rich country. So if you have a father who is not rich and you are suffering, you can’t be complaining and saying, ‘Well, I’m suffering.’ No. Your father is not rich. Nigeria is an oil-poor country,” he said.
He linked the decision to float the naira to positive shifts in domestic production and economic self-reliance.
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“The reason why we now have a trade surplus is that President Bola Tinubu has done what worked in Vietnam. He has floated the naira and made imports so expensive that Nigerians have no other choice but to buy made in Nigeria.
“And look at me—everything I am wearing from head to toe is made in Nigeria. And that’s how we are going to grow our economy,” he said.
