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Reno Omokri has once again described the 2023 presidential candidate of the Labour Party, Peter Obi, as a liar for claiming that President Bola Tinubu is about to borrow an additional $21 billion, €2.2 billion, and ¥15 billion.
Obi, in a statement, had described President Tinubu’s administration’s penchant for reckless borrowing without accountability.
The former Anambra State governor noted that with the latest approval, Nigeria’s debt now stands at N187 trillion with palpable fear that it might climb to N200 trillion before the end of the year.
Reacting, Omokri in a post he made on his X handle on Tuesday countered Obi’s claim, saying, “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.”
According to him, “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 explained that “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.”
“What the Senate approved is a Medium-Term Expenditure Framework (MTEF). President Bola Tinubu is not about to borrow $21 billion, €2.2 billion, ¥15 billion. That is a figment of the intellectually undeveloped mind of Peter.
“The MTEF contains the borrowing plan for both the Federal and State Governments for the next three years. In other words, the $21 billion is what the Federal Government and the 36 states can borrow over 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.
“For example, 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.
“The MTEF only shows possible borrowing that Nigeria is entitled to based on agreements with our external borrowing partners, which must align with the Fiscal Responsibility Act 2007 and the Debt Management Office. (Establishment) Act 2003.
“The Borrowing Rolling Plan ties possible borrowings by the Federal and State Governments to specific projects. For actual borrowings, Nigerians should look at the budgets of both the Federal and State Governments. 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.”
