<\/p>\n
A former presidential aide, Reno Omokri, has claimed that before President Bola Tinubu\u2019s economic reforms, Nigeria was spending a staggering $1.5 billion every month to subsidise the naira\u2014money he says was borrowed and \u201cwastefully spent.\u201d<\/p>\n
<\/p>\n
\u201cThe Federal Government of Nigeria was spending $1.5 billion every month to subsidise the naira. Please assume I\u2019m a liar and go and fact-check me\u2014$1.5 billion every month subsidising the naira. And this was not money that we had. This was money that we were borrowing.<\/p>\n
<\/p>\n
\u201cWe weren\u2019t spending $1.5 billion every month on healthcare, on education, on roads. We were spending it subsidizing the naira,\u201d he said.<\/p>\n
<\/p>\n
According to him, the subsidy was fuelling unsustainable consumption patterns, including luxury imports.<\/p>\n
\u201cWe were spending $200 million annually on importing human hair for our women to wear. We were spending $75 million on French champagne and \u00a325 million on Scotch whisky,\u201d Omokri stated.<\/p>\n
<\/p>\n
Defending President Tinubu\u2019s decision to float the naira, Omokri said the current exchange rate, where the naira trades at over \u20a61,500 to the dollar, reflects its true value without government interference.<\/p>\n
<\/p>\n
\u201cThe reason why the naira is now \u20a61,560 to the dollar is not because President Bola Tinubu is a terrible president. No. It\u2019s because he started floating the naira and stopped subsidising it,\u201d he said.<\/p>\n
<\/p>\n
He added that under previous administrations, including that of ex-President Muhammadu Buhari and when he served under ex-President Goodluck Jonathan, the naira was not valued at its real worth.<\/p>\n
<\/p>\n
\u201cI was presidential spokesman when the naira was \u20a6165 to a dollar. Then, the naira was being subsidised. What you were seeing as a Nigerian wasn\u2019t the actual value,\u201d Omokri said.<\/p>\n
<\/p>\n
Omokri further praised Tinubu\u2019s fiscal and trade reforms, noting that they have led to positive outcomes, including a reduction in national debt and the creation of a trade surplus.<\/p>\n
<\/p>\n
\u201cPresident 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\u2019s addicted to debt. With all due respect, President Asiwaju Bola Tinubu has exceeded the expectations of most reasonable Nigerians,\u201d he stated.<\/p>\n
<\/p>\n
\u201cHe\u2019s increased our trade surplus. In fact, we didn\u2019t 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,\u201d he said.<\/p>\n
<\/p>\n
Asked whether the Tinubu administration\u2019s economic reforms have exacerbated hardship among ordinary Nigerians, Omokri acknowledged the suffering but insisted it is a necessary sacrifice for long-term stability.<\/p>\n
<\/p>\n
\u201cThere 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\u2019t be complaining and saying, \u2018Well, I\u2019m suffering.\u2019 No. Your father is not rich. Nigeria is an oil-poor country,\u201d he said.<\/p>\n
<\/p>\n
He added that the president\u2019s decision to float the naira has begun yielding structural benefits for the local economy.<\/p>\n
\u201cThe 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.<\/p>\n
\u201cAnd look at me\u2014everything I am wearing from head to toe is made in Nigeria. And that\u2019s how we are going to grow our economy,\u201d Omokri declared.<\/p>\n
<\/p>\n
A former presidential aide, Reno Omokri, has claimed that before President Bola Tinubu\u2019s 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