Former presidential aide Reno Omokri has defended President Bola Tinubu’s economic reforms, claiming that the previous government’s policy of subsidising the naira was unsustainable and wasteful.
He said this while speaking on Inside Sources, a current affairs programme on Channels Television aired on Sunday.
Omokri explained that the funds used to artificially prop up the naira were not invested in critical sectors such as healthcare, education, or infrastructure.
Omokri stated that the Federal Government was spending $1.5 billion every month to subsidise the naira, which was borrowed money and not invested in critical sectors like healthcare, education, or infrastructure.
He said, “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.”
Omokri also highlighted the absurdity of the subsidy, citing examples of luxury imports, including “$200 million annually on importing human hair for our women to wear” and “$75 million on French champagne and £25 million on Scotch whisky.”
He defended President Tinubu’s decision to float the naira, saying the current exchange rate reflects the currency’s true value without government interference.
He added, “The reason why the naira is now N1,560 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.”
Omokri praised Tinubu’s fiscal and trade reforms, noting that they have led to a reduction in national debt and the creation of a trade surplus.
He said, “President Tinubu met a debt profile of $108 billion. Right now, our debt is $94 billion. It has reduced by $14 billion.”
Omokri acknowledged the suffering among ordinary Nigerians but insisted it’s a necessary sacrifice for long-term stability.
He said, “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.'”
Omokri also noted that Tinubu’s reforms have begun yielding structural benefits for the local economy, including promoting made-in-Nigeria products.
He said, “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.”
