Former presidential aide, Reno Omokri, has boldly stated that Nigeria’s economy is on a more sustainable trajectory under President Bola Tinubu, compared to the previous administration led by Muhammadu Buhari. Omokri, during a guest appearance on Channels Television’s Politics Today, explained that Tinubu’s administration has made tough but necessary decisions to correct what he described as the economic illusion the country was living under during Buhari’s time.
“We were living in a fool’s paradise. Tinubu has taken that away and we are now living within our means,” Omokri said during the live broadcast. According to the former aide, the country’s debt-driven economy, which sought to maintain an artificial sense of luxury, has been replaced with a more realistic approach.
Omokri added that Nigeria’s previous government borrowed heavily, and the situation under former Central Bank Governor Godwin Emefiele was alarming. Omokri accused Emefiele of taking ₦28 trillion in loans without informing the National Assembly, using the borrowed funds to artificially inflate the value of the naira. “We cannot be borrowing just to give people food. We have to produce—and that’s why we’re now producing. Exports are going up, and imports are reducing,” Omokri stated, highlighting the shift in focus towards local production.
Despite the current economic challenges, Omokri underscored the importance of moving away from debt dependency. He argued that although Nigerians are facing hardship, the policies being implemented by Tinubu align with what other political figures like Peter Obi and Atiku Abubakar had proposed during the 2023 election campaigns.
On the issue of Nigeria’s national debt, Omokri claimed that under Tinubu, the country’s debt has improved. “As of 2015, Nigeria owed $63 billion. When Buhari left office, the debt stood at $113 billion. Today, under Tinubu, our debt has dropped to $97 billion. That’s a reduction of over $14 billion. We should be appreciating this man,” he said.
Omokri’s comments come at a time when many Nigerians are grappling with inflation, increased cost of living, and a tightening of the economy. Nevertheless, he believes that the tough decisions being made now will pave the way for a stronger, more self-sufficient Nigeria in the future.