Former Presidential Spokesperson and renowned author, Reno Omokri, has dismissed recent claims by former Labour Party presidential candidate, Peter Obi, regarding Nigeria’s rising debt profile, stating that available data shows a significant reduction in the country’s debt under President Bola Tinubu’s administration.
Omokri, in a detailed rebuttal, challenged Obi’s assertions during a recent Arise TV interview, where the Labour Party leader criticised the handling of fuel subsidy removal and alleged an increase in Nigeria’s debt burden.
According to Omokri, official figures indicate that Nigeria’s total debt decreased from $113.42 billion inherited from the Buhari administration in May 2023 to $94.24 billion by the end of 2024. He also highlighted that Nigeria ranks 49th on the IMF’s list of most indebted nations, far below countries like Argentina, which owes $266.17 billion.
“Please fact-check me: On May 29, 2023, General Buhari handed President Tinubu a total debt package of $113.42 billion. However, as of the last day of 2024, Nigeria’s debt has reduced to $94.24 billion.
He said President Tinubu has been paying off more debt than he has been borrowing, nothing that this is a fact that Peter Obi and other critics won’t tell Nigerians.
“Peter Obi and other disgruntled politicians will not tell you this”, he said.
Omokri defended the removal of fuel subsidy, arguing that deregulation has allowed market forces to stabilize petrol prices. With global crude oil prices declining, Nigerians can expect further reductions in fuel costs—a direct result of Tinubu’s economic policies.
He also noted that Nigeria’s foreign reserves have surged by 479.2%, from $3.99 billion in May 2023 to $23.11 billion under Tinubu’s watch, attributing the growth to the elimination of petrol and naira subsidies.
Omokri further praised Tinubu’s local government autonomy policy, citing developmental strides in Lagos and Oyo states where councils are executing high-impact projects.
While Anambra’s governor is celebrating a single market, Agboyi-Ketu LCDA in Lagos has delivered a 100-unit housing estate, two schools, an ultramodern market, and an office complex he said. If this were happening in reverse, Peter Obi would have made it a national talking point.
On inflation, the analyst also pointed to Nigeria’s improving inflation rate, which dropped from 34.8 to 24.48% in February 2025, alongside a gradual decrease in food prices.
He said the evidence is clear, Nigeria is making progress under Tinubu, nothing that instead of spreading false narratives, critics should acknowledge these achievements.
Omokri’s fact-based counterargument challenges opposition claims, presenting data-backed successes of the Tinubu administration in debt management, economic reforms, and grassroots development.
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