Omokri Defends Tinubu on Monetary Policy, Calls for Patronage of Local Brands to Strengthen Naira
A former aide to ex-president Goodluck Jonathan, Reno Omokri, has supported the monetary policy of President Bola Tinubu in reaction to the devaluation of the naira against the dollar.
Omokri who made this known in a tweet on his X (formerly Twitter) handle on Monday, October 16, also called on Nigerians to patronise the country's brands rather than foreign ones.
The former aide also claims that Nigeria, through the Central Bank, has not only been subsidising petrol, but also the naira for over the years.
"It is not only fuel that we were subsiding. We have been subsidising the Naira for over forty years. The Central Bank artificially pumped dollars into the market to strengthen the Naira. We spend more on Naira subsidy than on fuel subsidies.
"All Tinubu has done is to stop that. And all major Presidential candidates, except NNPP's Rabiu Musa Kwankwaso, campaigned they would do precisely the same thing Tinubu has done. He wants to use our resources for development instead of for subsidies that only help importers," Omokri stated.
According to him, the CBN spent "$9 billion to defend the Naira" in a space of six months, money he claimed "disappeared" because the sums ended up “circulating in those countries from which we import toothpicks and needles.”
Omokri therefore called on Nigerians to contribute in changing the narratives by spending on the products produced by
"We can NEVER grow if we continue like that. Floating the Naira is the best policy. If you want dollars, go and source it by yourself. Even if the Naira falls to ₦10,000 to $1, so be it.
"We all want to drink champagne. Our children eat Quaker Oats and Birds Eye custard. We must support a European football club and buy all their merchandise. Is it a curse for us to drink akamu (ogi or pap) and support Enyimba FC or Kano Pillars?" he asked
“The bitter truth is that if we want the Naira to go up, we must patronise Glo instead of MTN. Enrich Mike Adenuga, and you enrich Nigeria. Buy Innoson cars instead of Mercedes. Buy pap instead of Quaker Oats or custard. Buy kunu instead of champagne. And patronise Aba made, rather than ably made in Italy. It is not rocket science!”
#penglobalbusiness
