Reno Omokri: President Bola Tinubu Has Not Taken on $20.5 Billion in Debt

Dear Fellow Nigerians,

It is imperative that we address the deliberate misinformation that has been circulating online, courtesy of the ADC and Obidient factions. Contrary to their claims, President Bola Tinubu has not borrowed $20.5 billion, nor has the Senate approved a loan of this magnitude for the Tinubu administration.

These politically motivated groups specialize in spreading disinformation, expertly twisting facts to sow discord and mistrust among our citizens. Their tactics are calculated to instill doubt in our government and its leadership.

Let us set the record straight: President Tinubu is not planning to borrow $21 billion. The Medium-Term Expenditure Framework (MTEF) outlines the borrowing plans for both the Federal and State Governments over the next three years. The $20.5 billion figure represents the total borrowing capacity for the Federal Government and the 36 states during this period, not the actual amount to be borrowed.

To clarify, the MTEF provides a framework for possible borrowings, which may or may not be utilized. It is essential to understand that this amount is not a guarantee of borrowing, but rather a contingency plan in the event of unforeseen circumstances. Furthermore, the actual borrowing amount for 2025 is projected to be $1.23 billion, which will be borrowed jointly by the Federal and state governments, representing all geopolitical zones.

The MTEF ensures that any borrowing aligns with our agreements with external partners, adhering to the Fiscal Responsibility Act 2007 and the Debt Management Office (Establishment) Act 2003. The Borrowing Rolling Plan links possible borrowings to specific projects, guaranteeing transparency and accountability.

To obtain accurate information on borrowing, Nigerians should consult the budgets of both the Federal and State Governments. The sensational headlines and social media posts claiming that President Tinubu is borrowing $20.5 billion are baseless and alarmist.

I implore Nigerians to read the MTEF and the 2025 Appropriation Act to gain a deeper understanding of the government's financial plans. Under President Tinubu's skilled leadership, an accomplished First-Class Cum Laude accountant with extensive experience in the private and public sectors, we can expect our national debt to decrease, not increase.

Regrettably, many opposition media outlets and influencers exploit the fact that many Nigerians do not read widely, making them susceptible to manipulation through misinformation and propaganda. I, therefore, urge the public to engage in thorough research, verify information through official channels, and not make conclusions based on sensational headlines.

By doing so, we can foster a more informed citizenry, resistant to the manipulative tactics of those who seek to divide us. Let us remain vigilant and committed to uncovering the truth, thereby ensuring the continued progress and development of our great nation.

Sincerely,

Reno Omokri