An advisor to former president Goodluck Jonathan, Reno Omokri, has spoken out in favour of President Bola Tinubu’s economic policy, saying that it is correcting previous financial mistakes and refocusing the nation on budgetary discipline for the future.
Omokri was asked to assess the impact of the reforms on ordinary Nigerians, namely regarding their purchasing power and cost of living, during an interview that aired on Channels Television.
In his statement, he conceded that the current reforms aren’t easy for everyone, but that they’re essential in the wake of years of unbridled government borrowing and economically disastrous policies implemented by Muhammadu Buhari. He brought attention to the previous administration’s handling of the country’s currency and financial policies, bringing attention to the fact that substantial amounts—allegedly ₦28 trillion—were borrowed without the necessary legislative authorisation.
According to Omokri, former Central Bank Governor Godwin Emefiele is already facing legal issues stemming from this level of financial malfeasance. Emefiele is currently in custody pending trial.
According to Omokri, the prior economic climate was based on deceitful financial techniques that created the impression of security. On the other hand, he thinks the present administration is trying to stay within the country’s real financial boundaries by reducing debt and increasing domestic productivity.
Remarking in his own words, he said: “We were borrowing so much under General Buhari. Don’t forget—the reason why Godwin Emefiele is in jail is because he took loans of ₦28 trillion without informing the National Assembly.”
He’s in jail. That’s why I didn’t say prison—there’s a difference. When you’re under trial, you’re in jail. When you’ve been convicted, you go to prison. There is a reason why Godwin is in jail—he took loans of ₦28 trillion to artificially inflate the naira.”
He pointed out that the changes in policy are beginning to bear fruit, describing an increase in exports, a decrease in reliance on imports, and a reported trade surplus of $14.1 billion as signs of success.
The removal of gasoline subsidies, adjustments to the foreign exchange system, and efforts to combat inflation have all had a major impact on the cost of living for many Nigerian households, and his comments come as the country discusses these effects.
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