Reno Omokri Slams Past Waste, Hails Tinubu’s $14bn Debt Cut

By Sharon Zachariah

Editor

Sharon Zachariah

Posted: June 1, 2025 at 11:42 pm, Updated: June 1, 2025 at 11:42 pm

Reno Omokri Slams Past Waste, Hails Tinubu’s $14bn Debt Cut

Reno Omokri has taken a firm stand on Nigeria’s financial past, revealing that before President Bola Tinubu’s reforms, the country wasted a shocking $1.5 billion every month to artificially keep the naira afloat.

He said the money wasn’t free. Nigeria had to borrow it—and instead of investing in hospitals, schools, or roads, leaders chose to burn it on currency subsidies.

Reno Omokri, a former presidential aide, made these remarks on the current affairs programme Inside Sources, which aired on Channels Television. He spoke with emotion, his voice mixing frustration and hope.

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. And this was not money that we had. This was money that we were borrowing.

“We weren’t spending $1.5 billion every month on healthcare, on education, on roads. We were spending it subsidising the naira.”

To explain how bad things were, Omokri gave examples that hit home.

According to him, the subsidy created wild spending habits. People bought what they didn’t need—just because they could. He said the country imported $200 million worth of human hair every year. Nigerians also spent $75 million on French champagne and £25 million on Scotch whisky.

To him, these were clear signs that the subsidy encouraged careless consumption. People were living big, but not building anything real.

Omokri praised President Tinubu’s decision to end this practice. He argued that floating the naira—even if it caused pain—was the right move.

He said, “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 reminded viewers that in past years, the naira looked strong—but it was all fake.

“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 explained.

Now that the government no longer controls the exchange rate, Omokri believes the market is telling the truth. And that truth is helping Nigeria grow up financially.

He said President Tinubu’s tough decisions have led to major wins—especially in reducing the national debt. “President Tinubu met a debt profile of $108 billion. Right now, our debt is $94 billion. It has reduced by $14 billion,” Omokri said.

“To me, 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 continued with numbers that highlight the turnaround. Under Tinubu, Nigeria created a trade surplus—something the country hadn’t seen in years.

“In fact, we didn’t even have a trade surplus before. 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.

But is all this success without pain?

No, Omokri admitted.

He openly said life is hard right now. Many Nigerians are struggling to meet their basic needs. But he wants people to understand that tough reforms often come with suffering before stability sets in.

“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 wants Nigerians to stop expecting instant relief and to understand that patience is part of recovery.

Omokri also explained how Tinubu’s actions are changing consumer behavior. By floating the naira, imported goods have become more expensive. This has forced many people to look inward and support local products.

He shared a personal example to prove his point.

“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.

Through his words, Omokri paints a picture of Nigeria at a crossroads. In his eyes, the country once walked a wasteful path—borrowing to pretend everything was fine. Now, with hard decisions, Nigeria might finally be walking toward real financial healing.