A former presidential aide, Reno Omokri, has claimed that before President Bola Tinubu’s economic reforms, Nigeria was spending a staggering $1.5 billion every month to subsidise the naira—money he says was borrowed and “wastefully spent.”
“The Federal Government of Nigeria was spending $1.5 billion every month to subsidise the naira. Please assume I’m a liar and go and fact-check me—$1.5 billion every month subsidising the naira. And this was not money that we had. This was money that we were borrowing.
“We weren’t spending $1.5 billion every month on healthcare, on education, on roads. We were spending it subsidizing the naira,” he said.
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