Former presidential aide and social critic, Mr. Reno Omokri, has revealed how former President Muhammadu Buhari destroyed the country’s economy under his 8-years tenure.
Recalled that between 2016 and 2022, the Buhari government raised total revenues of N26.67tn and expended N60.64tn, leaving a deficit of N33.97tn.
The gaping hole was financed with FG domestic debt, which rose from N8.84tn as of December 2015 to N44.91tn as of June 2023, while external debt rose from $7.35bn in December 2015 to $37.2bn in June 2023, according to the Budget Office
Mr. Omokri, a social media influencer, in a tweet on Monday, said the reign of the former president plunged the country into high debt, increasing inflation and low economic growth.
According to him, Buhari Destroyed The Economy. Tinubu Is Trying to Restore It. That’s just the honest truth. Even our oil sales are useless to us now, because Buhari sold them in advance and pocketed the money.
“This is because he borrowed more than all past governments combined, until our debt service to revenue ratio was so high that even China stopped lending us money. The exchange rate was being subsidised with $1.5 billion every month. What you saw then was not Naira’s actual value.
“Buhari lied to you about our foreign reserve position. Those funds had been used to guarantee loans and purchases. Long and short of it all is that Buhari would have jailed President Jonathan if Dr Jonathan had done half of what Buhari did. Buhari did not run a government. He ran a criminal enterprise that turned his former recharge card selling nephew into an overnight private jet flying multi-billionaire.
“We, in the opposition know this. But some of us are playing politics with it because they lost the 2023 election, and as far as they are concerned, if they did not win, Nigeria must collapse.