Ambassador-designate to Mexico, Reno Omokri, has strongly refuted recent assertions made by Peter Obi, the presidential candidate of the Nigerian Democratic Congress (NDC), regarding Nigeria's debt profile. Omokri insists that Obi's claims are misleading when evaluated in nominal currency terms.
Obi had alleged that the administration of President Bola Ahmed Tinubu has substantially increased Nigeria's total debt, reportedly pushing it to approximately ₦200 trillion—a rise of over ₦100 trillion within three years. He contrasted this with the debt accumulation under former President Muhammadu Buhari, which he estimated at about ₦49 trillion over eight years.
However, Omokri countered this narrative, arguing that Nigeria's debt profile should be assessed in dollar terms rather than naira, given that most obligations are denominated in foreign currencies. He further claimed that the depreciation of the naira following the removal of foreign exchange controls has distorted public interpretation of debt figures.
“Peter Obi is misinforming the Nigerian public about our nation’s total debt,” Omokri stated. “He is quoting figures in naira, even though these loans were taken in foreign currencies, especially US dollars.” He added that currency fluctuations had significantly affected naira-denominated debt valuations, which does not necessarily reflect an increase in actual borrowing in dollar terms.
Using an analogy, Omokri compared the situation to a dollar-denominated loan whose naira value rises due to exchange rate changes, arguing that the underlying debt remains unchanged in foreign currency terms. He urged Nigerians to independently verify the debt data, noting that Nigeria’s total public debt stood at about $108.29 billion as of May 2023, shortly before President Tinubu assumed office, according to figures attributed to the Debt Management Office. He also referenced later estimates placing the figure at about $113 billion.
Omokri maintained that while Nigeria’s naira-denominated debt figures appear higher due to exchange rate movements, dollar-denominated figures provide a clearer picture of the country’s borrowing position. The exchange highlights ongoing public debate over Nigeria’s debt sustainability, valuation methodology, and the economic impact of currency reforms under the Tinubu administration.
