Abuja, Nigeria — Former presidential aide and political commentator, Reno Omokri, has strongly criticized Labour Party’s presidential candidate, Mr. Peter Obi, over his recent comments on Nigeria’s debt profile, describing them as “blatant lies” and “potentially damaging to national security and investor confidence.”
The outburst came after Mr. Obi’s appearance on Channels Television, where he alleged that President Bola Tinubu had borrowed more money than all his predecessors combined—Obasanjo, Yar’adua, Jonathan, and Buhari.
In a post on his verified X (formerly Twitter) account on Monday, July 7, Omokri accused Obi of manipulating figures by converting Nigeria’s dollar-denominated debt into naira using the current floating exchange rate of ₦1,560/$1, to give a false impression of increased borrowing.
“Nigeria’s debt has actually reduced from $108.2 billion on May 29, 2023, to $94.2 billion today,” Omokri wrote. “What Peter Obi did was convert the $94.2 billion into Naira using the floated Naira rate… to give the impression that our debt has increased.”
According to Omokri, although Nigeria’s debt in naira has risen to ₦144.67 trillion due to currency devaluation, it does not reflect new or excessive borrowing. He explained that the naira amount appears larger simply because it is now being calculated using a much weaker exchange rate, compared to ₦400/$1 at the beginning of Tinubu’s administration.
“When you quantify our debt in dollars rather than Naira, our total debt has actually reduced by over $14 billion,” he added, citing figures purportedly from the Debt Management Office (DMO).
Omokri further warned that Obi’s statements could mislead both Nigerians and foreign investors:
“Peter Obi is a national security threat… Foreign investors may be swayed by his lies and refrain from investing in Nigeria. And those already in Nigeria may panic and start divesting.”
He concluded his remarks with a pledge to present what he described as “irrefutable evidence” on live television using official DMO data to counter Obi’s claims.
The controversy adds to growing political tensions as Nigeria navigates a fragile economic recovery marked by high inflation, rising debt service obligations, and a volatile exchange rate following the removal of fuel subsidies and the unification of the foreign exchange window.
As of press time, Mr. Peter Obi has not officially responded to Omokri’s allegations.
