Tinubu ended $1.5bn monthly Naira subsidy funded by borrowed money — Omokri

Former presidential aide Reno Omokri has alleged that prior to President Bola Tinubu’s economic reforms, Nigeria was spending $1.5 billion monthly, sourced through borrowing, to artificially support the value of the naira.

Speaking on Inside Sources, a Channels Television programme aired on Sunday, Omokri described the expenditure as a “waste” that diverted funds from critical sectors such as healthcare, education, and infrastructure.

“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.

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He further argued that the subsidy policy encouraged excessive importation and consumption of luxury goods, rather than promoting local productivity or sustainable economic development.

“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.”

Responding to questions about the hardship caused by Tinubu’s economic reforms, Omokri admitted the pain but framed it as a “necessary sacrifice”.

“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 also praised the decision to float the naira, insisting it has begun to pay off through structural gains.

“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.”