Political commentator Reno Omokri has defended President Bola Ahmed Tinubu over recent criticism regarding the state of the Naira, insisting that the President’s remarks on the currency’s true value were rooted in fact.
In a statement shared on Thursday, Omokri argued that under the administration of former President Muhammadu Buhari, the Naira was heavily subsidized to mask its actual exchange rate. According to him, while the official rate hovered around ₦400 to the dollar at the time, the unsubsidized value of the currency stood at approximately ₦2,000 to the dollar.
“Before President Tinubu was sworn in on May 29, 2023, Nigeria spent $1.5 billion monthly to subsidise the Naira. The naira subsidy was actually higher than the subsidy on petrol,” Omokri wrote. He recalled that when Tinubu floated the Naira shortly after taking office, the exchange rate quickly dropped to around ₦1,900 to the dollar — a development he said exposed the true market value of the currency.
Omokri urged critics to set aside political sentiments and acknowledge the realities of the economic situation. He stressed that Tinubu’s statements on the Naira were not misleading but reflective of Nigeria’s long-standing dependence on subsidies to artificially support the currency.
“I understand that some of us may have political disagreements with the President, but perhaps we can conduct cursory research before labelling him a ‘congenital liar,’” he concluded, adding that even AI tools could verify the data.
The remarks have sparked renewed debate over Nigeria’s fiscal management under past and present administrations, particularly the sustainability of currency subsidies and their impact on the economy.
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