Debunking Fake News: Tinubu’s $21bn Borrowing Claim

"Thus, I urge the public to read as much as possible and verify from official sources before they make conclusions based on sensational headlines," he advises.

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Reno Omokri, a Nigerian author, lawyer, and social media personality, has come to the defense of President Bola Tinubu, debunking claims that the president is set to borrow $21 billion. As a first-class cum laude accountant and seasoned professional, Omokri brings a unique perspective to the discussion. With his extensive background in finance and governance, he provides a detailed analysis of the situation and labeled the information as ‘fake news‘.

“Dear Citizens of the Federal Republic of Nigeria, Please let us respond to facts, not fake news or innuendo,” Omokri begins, emphasizing the importance of verifying information before accepting it as true. He urges Nigerians to download the Federal Government’s Medium-Term Expenditure Framework (MTEF) and read it themselves to understand the borrowing plan for the next three years. “President Bola Tinubu is not about to borrow $21 Billion,” he asserts.

“The MTEF contains the borrowing plan for both the Federal and State Governments for the next three years. In other words, the $21 billion is what the Federal Government and the 36 states can borrow over the next three years. Not what they will borrow. What they can borrow.”

Omokri clarifies that the $21 billion figure is not a definitive amount that will be borrowed but rather a framework for what is possible. He notes that the actual borrowing for 2025 is expected to be $1.23 billion, which will be borrowed by both the Federal and state governments from all geopolitical zones. “They are not even likely to take those loans. It is just a framework for what is possible,” he adds.

The MTEF, Omokri explains, provides a plan for possible borrowings based on agreements with external borrowing partners, which must align with the Fiscal Responsibility Act 2007 and the Debt Management Office (Establishment) Act 2003. “The Borrowing Rolling Plan ties such possible borrowings by the Federal and State Governments to specific projects,” he says. For actual borrowings, Nigerians should refer to the budgets of both the Federal and State Governments.

Omokri criticizes sensational headlines proclaiming that President Tinubu is set to borrow $21 billion, labeling them as “fake and alarmist.” He encourages Nigerians to read the MTEF and the 2025 Appropriation Act to understand the borrowing plan and avoid falling prey to misinformation. “Again, I urge Nigerians to read the MTEF and the 2025 Appropriation Act,” he says.

As a seasoned accountant and professional, Omokri expresses confidence in President Tinubu’s ability to manage the nation’s finances effectively. “President Bola Tinubu is a First-Class Cum Laude accountant adept at securing finances at the best rates from the most suitable lenders and for the right purposes,” he says. Under Tinubu’s leadership, Omokri expects Nigeria’s national debt to reduce, not increase.

Omokri concludes by warning Nigerians about the dangers of misinformation and propaganda. “Many opposition media and influencers know that many of our people sadly do not read and are, therefore, susceptible to manipulation via misinformation and propaganda,” he cautions. He urges the public to read as much as possible and verify information from official sources before making conclusions based on sensational headlines. “Thus, I urge the public to read as much as possible and verify from official sources before they make conclusions based on sensational headlines,” he advises.

As a renowned author, deep thinker, and influencer, Omokri’s words carry significant weight. With his impressive background and credentials, including being a bestselling author and Hollywood Magazine’s Humanitarian of the Year in 2019, he brings a unique perspective to the discussion.

His statement, “He broke the ceiling of what we were allowed to do as black people in the business world,” although not directly related to the current topic, showcases his ability to think critically and provide insightful commentary. With his credentials as Business Insider’s Influencer of the Year in 2022 and being recognized as one of the most talked-about persons in Africa in 2024, Omokri’s opinions are worth considering.

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