Former presidential aide Reno Omokri has claimed that before President Bola Tinubu’s economic reforms, Nigeria was spending $1.5 billion monthly—borrowed funds—to artificially sustain the naira’s value.

 

Speaking during an appearance on Inside Sources, a Channels Television programme aired on Sunday, Omokri described the subsidy as a costly and unsustainable policy that diverted critical funds from sectors like healthcare, education, and infrastructure.

 

“The Federal Government of Nigeria was spending $1.5 billion every month to subsidise the naira,” he said. “Please assume I’m a liar and go and fact-check me—$1.5 billion every month. And this was not money that we had. This was money that we were borrowing.”

 

 

 

Omokri argued that the policy not only depleted national resources but also encouraged the excessive importation of luxury goods, rather than supporting local industries or sustainable development.

 

“We were spending $200 million annually on importing human hair, $75 million on French champagne, and £25 million on Scotch whisky,” he stated.

 

 

 

While acknowledging the widespread hardship resulting from Tinubu’s reforms, Omokri framed the economic pain 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. Nigeria is an oil-poor country.”

 

 

 

He went on to praise the administration’s decision to float the naira, insisting that the move is already yielding structural benefits such as a trade surplus.

 

“President Bola Tinubu has done what worked in Vietnam. He floated the naira, making imports so expensive that Nigerians are now turning to local products,” Omokri said.