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As Usual, Peter Obi Lied To You. Nigeria's Debt Has Actually REDUCED Under Tinubu
Recently, Peter Obi, the purveyor of fake statistics, was interviewed on Arise TV, where, as usual, he made multiple false claims. We will now address his claims on fuel subsidy removal, which he said was mishandled, and the allegation of Nigeria's rising debt profile.
The international price of crude oil has dropped, and Nigerians can now also expect a drop in the cost of petrol. This is how deregulation works. As an individual, you can now see that President Tinubu was right to remove the subsidy on Premium Motor Spirits and allow market forces to determine the price.
General Buhari handed over a net foreign exchange reserve of $3.99 billion to President Bola Tinubu on May 29, 2023. Today, President Tinubu has grown it by 479.20% to $23.11 billion. This is because Nigeria no longer subsidises petrol or the Naira. Market forces are in control.
Peter Obi and other disgruntled politicians will not tell you this.
The IMF recently released a list of the most indebted nations, but Nigeria was not among the top ten. We were not in the top twenty. We were not even in the top forty. Nigeria was number 49!
Not only that, Nigeria's total debt has been reduced under President Tinubu because the President has been paying more debt than he has been taking.
Please fact-check me: On May 29, 2023, General Buhari handed President Tinubu a total debt package of $113.42 billion. However, as of the last day of 2024, Nigeria's debt has reduced to $94.24 billion.
Meanwhile, Argentina, which they were praising, is now broke and owing $266.17 billion.
The combination of the removal of fuel subsidies, flotation of the Naira, and reduction of our national debt has led to a situation where food prices are dropping slightly, while inflation reduced seismically from 34.80% to 24.48% in February 2025.
Because of President Tinubu's Local Government autonomy policy, Local Governments in Lagos and Oyo are now building more expensive and prestigious projects than some states.
For example, the Anambra State Governor just recently boasted about completing a market in Ekwulobia, Anambra State. At exactly the same time, the Chairman of Agboyi-Ketu Local Council Development Area, Lagos, Mr. Dele Osinowo, finished building a housing estate with over 100 units for the public, two schools, an ultramodern market that is more prestigious than Governor Soludo's market, and is about to finish a massive office complex.
Now, imagine that Governor Sanwo-Olu was building a market while an Anambra Local Government Chairman was building a massive housing complex, Officer buildings, and schools. Wouldn't Bitter Obi, the Agbotikuyo, have run around dancing naked in the market? But because it happened in Anambra, he is quiet as a graveyard.
Ladies and gentlemen, what further proof do you want that Nigeria under Tinubu is working?
Reno Omokri
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