₦airaland Forum

“The economy has stabilised, nobody is trading a piece of paper for an exchange rate anymore. When I took over, it was ₦1,900 to a dollar. It’s ₦1,450 now. It’s been stabilising there. You don’t have to know Cardoso before you get your foreign exchange,” Tinubu said.

Reacting in a post on his verified X handle, Omokri cautioned a user identified as “Emir” against hastily branding the President a “liar,” arguing that Tinubu’s remark was rooted in facts.

He explained that before Tinubu’s inauguration on May 29, 2023, Nigeria was spending about $1.5 billion monthly to subsidise the Naira even more than the petrol subsidy at the time.

Omokri noted that while the official exchange rate under ex-President Muhammadu Buhari stood at about ₦400/$, the “real unsubsidised value” of the currency was closer to ₦2,000/$.

He wrote: “Please fact-check me: Before President Tinubu was sworn in on May 29, 2023, Nigeria spent $1.5 billion monthly to subsidise the Naira. The naira subsidy was actually higher than the subsidy on petrol.

“Whereas under General Buhari, you were buying the Dollar at the rate of about ₦400 to $1, the real exchange rate without the subsidy was about ₦2000 to $1.

“You may recall that when President Tinubu first floated the Naira, it suddenly fell to ₦1900 to $1.

“The reason it fell to that price was because that was the actual value of our currency.

“President Bola Tinubu was referring to that unsubsidised amount, which was the real value of the Naira.

The former presidential aide added that critics should verify facts before accusing Tinubu of dishonesty, suggesting that tools such as artificial intelligence could confirm the accuracy of the President’s claim.

Omokri also stressed that while political differences may exist, it was unfair to label the President a liar without proper fact-checking.

“He was not lying, and you can verify this with an AI like Grok.

“I understand that some of us may have political disagreements with the President, but perhaps you and I can conduct cursory research before labelling him a ‘congenital liar’”, he concluded.

yarimo:
Bitter ones will soon invade this thread with insults and hateful comment without even reading to understand exactly what it's.

yarimo:
Bitter ones will soon invade this thread with insults and hateful comment without even reading to understand exactly what it's.

Goodvibes007:
They are already spamming the thread and trying hard to derail it with unrelated posts.

I trust the mods the hide those derailing posts.

yarimo:
Bitter ones will soon invade this thread with insults and hateful comment without even reading to understand exactly what it's.

KaLuCh:
As you no get head. Do you understand that the defence of naira meant better purchasing power for our money? As in, the one thing that had a tangible and direct impact on the lives of Nigerians as a result of the crude oil God blessed us with. If the government spent 700 trillion defending the Naira, it was worth every penny of that. It meant my 100k could afford me a decent living. That is the functio of the government.

The perdition that we have as a leader stopped defending the Naira, now tell me a single thing that they have done that has the same or better effect on the masses?

You don collect your thirtykpa for August, wetin Concern you with truth sef? Na me dey waste time comment here.

Goodvibes007:
They are already spamming the thread and trying hard to derail it with unrelated posts.

I trust the mods the hide those derailing posts.

yarimo:
Bitter ones will soon invade this thread with insults and hateful comment without even reading to understand exactly what it's.

Goodvibes007:
Past leaders from 1999 spent a total of $388 Billion defending the Naira. Reno is absolutely right.

shox:
we know that nairaland mods are trying so hard to silence the voice of the opposition

Una no reach

Ewuoooo:
Reno should instead focus on paying his children's school fees.

Ewuoooo:
Reno should instead focus on paying his children's school fees.

Ewuoooo:
Reno should instead focus on paying his children's school fees.

Goodvibes007:
Past leaders from 1999 spent a total of $388 Billion defending the Naira. Reno is absolutely right.

KaLuCh:
As you no get head. Do you understand that the defence of naira meant better purchasing power for our money? As in, the one thing that had a tangible and direct impact on the lives of Nigerians as a result of the crude oil God blessed us with. If the government spent 700 trillion defending the Naira, it was worth every penny of that. It meant my 100k could afford me a decent living. That is the function of the government.

The perdition that we have as a leader stopped defending the Naira, now tell me a single thing that they have done that has the same or better effect on the masses? They tell us to bear with the hardship but dem wont lift a finger to follow us bear. Them dey increase their own salary.

You don collect your thirtykpa for August, wetin Concern you with truth sef? Na me dey waste time comment here.

yarimo:
Was the dollar subsidies or not? Busy body keep your long trash to yourself, read and understand before quoting

Softmirror:
Don't derail the thread please. It is just like Obidients, you will expect Obi's supporters to speak good of Reno when he was supporting Obi and ill of Reno now that he doesn't. Hence, it's a story of a bitter EX, which is what you are having in common.

Please stick to the topic. Thank you.

helinues:
What was those subsidized dollars used for? What have we started producing in Nigeria?

You can't spent such amount in making a foreign currency exchange rate to look good. Why?