Former presidential aide, Reno Omokri, has fired back at Labour Party’s 2023 presidential candidate, Peter Obi, describing him as “economically illiterate” over his recent comments on President Bola Tinubu’s borrowing plans.
Obi had alleged that Tinubu was preparing to secure additional loans amounting to $21 billion, €2.2 billion, and ¥15 billion, warning that Nigeria’s total debt could hit N200 trillion before the year ends.
He criticized what he called the administration’s reckless borrowing without accountability.
Responding via his verified X handle on Tuesday, Omokri dismissed Obi’s statement as misleading.
“Peter Obi released a statement filled with lies, innuendoes, and half-truths. The gist of the statement was that President Bola Tinubu is about to borrow $21 billion and skyrocket Nigeria’s debt,” he wrote.
He went further to attack Obi’s understanding of economic policy, saying, “Mr. Obi’s post shows that he is economically illiterate and does not have sufficient knowledge of how the economy works. This is no big surprise; we recently saw his very disappointing WASCCE result, along with his Second-Class degree in Philosophy. So, his lack of depth is understandable. He is a trader, not a leader.”
Omokri clarified that the Senate had not approved any new external borrowing figures, contrary to Obi’s claims.
“Senate of the National Assembly did not approve ‘an additional $21 billion, €2.2 billion, ¥15 billion of external borrowing for the 2025–2026 fiscal cycle’.
That is a lie from a man described as ‘Gbajue’ by Nigeria’s only Nobel laureate, Professor Wole Soyinka,” he stated.
He explained that what the Senate approved was a Medium-Term Expenditure Framework (MTEF), which outlines borrowing possibilities, not actual loans, for the Federal and State Governments over the next three years.
“The MTEF contains the borrowing plan for both the Federal and State Governments for the next three years—not what they will borrow, but what they can borrow. They are not even likely to take those loans. It is just a framework for what is possible,” he explained.
Omokri also said that the borrowing for 2025 would be far less than what Obi claimed.
“While the MTEF provides for extensive borrowings in 2025, only $1.23 billion will actually be borrowed. And that $1.23 billion will be borrowed by both the Federal and state governments from all geopolitical zones.”
He added that the MTEF is guided by existing laws such as the Fiscal Responsibility Act of 2007 and the Debt Management Office (Establishment) Act of 2003, and all borrowings are tied to specific projects.
“Citizens of Nigeria must note that Peter Obi is a liar. He is desperate to be President of Nigeria, and because he lacks economic depth, he will resort to lies. One of his recent lies was his claim that President Bola Tinubu had borrowed more money than Presidents Yar’adua, Jonathan, and Buhari combined,” Omokri concluded without mincing words.
