Omokri faults StatiSense debt analysis, urges dollar-based comparison
Former presidential aide Reno Omokri has criticised a recent debt analysis by StatiSense, describing its conclusions on Nigeria’s rising public debt as misleading and lacking economic context. StatiSense had, in
- By Samuel Oamen
Former presidential aide Reno Omokri has criticised a recent debt analysis by StatiSense, describing its conclusions on Nigeria’s rising public debt as misleading and lacking economic context.
StatiSense had, in a widely circulated post, compared Nigeria’s debt growth under former President Muhammadu Buhari and President Bola Ahmed Tinubu using naira-denominated figures. The analysis claimed that Nigeria recorded an average annual debt increase of ₦9.41 trillion under Buhari (2015–2023) and ₦29.29 trillion under Tinubu (2023–2025), with total increases of ₦75.3 trillion and ₦65.9 trillion, respectively.
Reacting on X, Omokri argued that such comparisons distort reality by ignoring exchange rate changes, especially following the floating of the naira under the Tinubu administration.
He wrote, "Here are the facts that you failed to tell Nigerians.
"When President Jonathan handed over to General Buhari on May 29, 2015, Nigeria's total public debt was $63.8 billion, equivalent to ₦12.1 trillion.
"From $63.8 billion, Nigeria's total public debt rose to $108.2 billion on May 29, 2023, when General Buhari handed over to President Tinubu.
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"I have attached official figures from the Debt Management Office showing a snapshot of Nigeria's debt on the handover date (it is published quarterly, which is why it is dated March 31, 2023) for your information. Please note that this is directly from the DMO and has not been altered by me. You may want to visit http://dmo.gov.ng to verify this data.
"When you add 'illegal' debts taken but not declared by that administration, the figure rises to $113 billion, possibly higher. Some of that debt is why the immediate past Governor of the Central Bank of Nigeria is on trial.
"As of today, Nigeria's total public debt is $103.9 billion. It has actually reduced!
"While our total debt rose by $44.4 billion under General Buhari (or $50 billion if you add irregular debt), in contrast, total public debt under President Tinubu has actually decreased by $4.3 billion (or $9.1 billion when you account for the unapproved debts under Buhari).
"However, due to the change in the Naira's value resulting from the flotation of our currency under the Tinubu administration, quantifying our total public debt in Naira gives the false impression that it has risen.
"Can you please tell Nigerians the dollar amount of their total public debt on May 29, 2023, versus the current dollar amount, rather than giving them Naira figures without context?"
The ambassador-designate to Mexico urged analysts and commentators to prioritise dollar-based comparisons when assessing Nigeria’s debt profile, stressing that naira figures alone create a misleading impression of rapid debt accumulation.
