Former presidential aide and social commentator Reno Omokri has defended President Bola Ahmed Tinubu over his recent remarks on the Naira’s exchange rate, insisting the President spoke from an economic reality often hidden from the public.…….CONTINUE FULL READING>>>>>
Tinubu, speaking earlier in the week, had claimed that when he assumed office in May 2023, the Naira was trading close to ₦1,900/$, but had since stabilised at around ₦1,450/$. The statement triggered an online backlash, with many Nigerians accusing the President of exaggerating figures since the official exchange rate never reached that high.
In a statement shared on his verified X account, Omokri argued that critics misunderstood the context. According to him, the administration of former President Muhammadu Buhari was artificially propping up the Naira by spending an estimated $1.5 billion monthly to defend the currency — a subsidy he said was even larger than Nigeria’s fuel subsidy bill at the time.
> “Although the official rate was around ₦400/$, the true market value of the Naira without subsidies was close to ₦2,000/$,” Omokri said.
He maintained that the sharp depreciation of the currency immediately after Tinubu floated the Naira in 2023 only revealed its hidden value, rather than marking a fresh collapse.
Omokri stressed that Tinubu’s claim should not be dismissed as dishonesty, but understood in the context of Nigeria’s long-standing exchange rate manipulation. He further urged Nigerians to fact-check with “modern verification tools” before accusing the President of lying.…….CONTINUE FULL READING>>>>>
