Nigeria Spent $1.5 Billion Monthly on Naira Subsidies Before Tinubu’s Reforms, Omokri Claims

 Reno Omokri, a former presidential aide and social commentator, stated on May 30, 2025, that Nigeria was spending $1.5 billion monthly to subsidize the naira’s value before President Bola Tinubu’s administration ended the policy in June 2023.

Speaking on his Transformation With Reno podcast, Omokri explained that the Central Bank Nigeria (CBN) artificially propped up the naira through dollar injections, draining foreign reserves from $47 billion in 2015 to $33 billion by May 2023. He argued that Tinubu’s decision to float the naira, aligning its value with market forces, saved Nigeria from economic collapse, despite short-term inflation spikes.

The naira’s devaluation, from ₦460 to ₦1,600 per dollar by June 2025, increased living costs but boosted government revenue, with ₦9.1 trillion earned in 2024’s first half. Omokri cited the oil sector’s recovery, with production rising from 1.2 million to 1.6 million barrels daily, as evidence of reform benefits. He urged Nigerians to endure temporary hardships, noting that external reserves grew to $40 billion by Q1 2025.

Critics, however, argue the policy exacerbated poverty, with 40% of Nigerians below the $1.90 daily threshold. Omokri’s claim, unverified by CBN data, has sparked debate, with supporters praising Tinubu’s courage and detractors demanding transparency on subsidy costs. The reforms remain a polarizing topic as Nigeria navigates economic recovery.