ABUJA – Political commentator and former presidential aide, Reno Omokri, has criticised 2023 Labour Party presidential candidate, Peter Obi, over recent comments regarding Nigeria’s debt profile, accusing him of spreading misinformation that could damage investor confidence.
Speaking during an interview on Channels Television, Omokri described Obi’s remarks as “dangerous,” particularly the claim that President Bola Tinubu had borrowed more than all previous administrations combined.
“Peter Obi came here and lied,” Omokri said. “He told Nigerians that President Tinubu has borrowed more than all past administrations combined, which is completely false. That kind of misinformation is dangerous, especially on a platform watched by foreign investors.”
Omokri argued that Obi’s method of using the current naira exchange rate to evaluate foreign debt gives a misleading picture. He explained that Nigeria’s external debts—largely secured in dollars and other foreign currencies—should not be recalculated in naira using today’s rates without proper context.
“Nigeria’s external debts were contracted in dollars, eurobonds, and from foreign governments. You can’t simply convert those debts using today’s exchange rate of N1,531 to the dollar to make them appear worse than they are,” he said.
Citing figures from the Debt Management Office (DMO), Omokri noted that Nigeria’s external debt was \$63 billion in 2015 and rose to \$113 billion by the end of former President Muhammadu Buhari’s administration in 2023. He claimed the figure has since dropped to \$97 billion under Tinubu.
“Anyone can visit the DMO website and verify it. Tinubu has reduced our external debt,” he stated. “Instead of acknowledging this, Peter Obi distorted the numbers for political gain.”
Obi had earlier expressed concern about Nigeria’s rising debt burden, alleging the total public debt—foreign and domestic—has climbed to over N162 trillion under the current administration. But Omokri dismissed this as an exaggerated portrayal, insisting it misrepresents economic reality.
“You cannot lump together local and external debts and convert everything to naira at today’s rates without context,” Omokri said. “That’s either economic illiteracy or deliberate manipulation.”
He warned that such “alarmist rhetoric” could undermine Nigeria’s economic image internationally.
“There are people abroad watching. These are investors who make real-time decisions based on what political leaders say. If they’re convinced that Nigeria’s economy is collapsing, they’ll simply take their capital elsewhere,” he cautioned.
While acknowledging ongoing economic challenges, Omokri pointed to progress made under Tinubu’s government, including reduced crude oil theft, growth in the agricultural sector, and newly signed tax reforms.
“This government has done more in two years to clean up our fiscal system than some past administrations. You may not like Tinubu politically, but let’s be honest, some things are working,” he added.
Omokri’s comments come amid rising political activity ahead of the 2027 general elections, with Peter Obi recently aligning with other key political figures in a new opposition coalition under the African Democratic Congress (ADC).
He accused the coalition of attempting to discredit the Tinubu administration, warning: “It’s one thing to criticise policy. It’s another thing entirely to mislead the country for electoral gain. We must protect the integrity of public discourse, especially when the world is listening.”
