Buhari Should Be In Kuje Prison Right Now - Reno Omokri
Former aide to ex president Goodluck Jonathan, Reno Omokri has made a shocking revelation about how ex-President Muhammadu Buhari borrowed money recklessly to sustain the Naira monthly giving a false impression of doing a good work, destroying the economy.
The socio-poIitical analyst described the late Abacha a common criminal who almost brought the country to its knees with the way he looted Nigeria money.
According to him, Buhari followed the bad legacy of Abacha, where CBN had to defend Naira with millions of dollars monthly.
The socio-poIitical analyst described the late Abacha a common criminal who almost brought the country to its knees with the way he looted Nigeria money.
According to him, Buhari followed the bad legacy of Abacha, where CBN had to defend Naira with millions of dollars monthly.
Omokri asserted that naira was being artificially defended with $1.5 billion monthly under Buhari.
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"I see some people saying that the Naira was strong under Abacha. And sadly, others are buying this story.
Actually, under General Abacha, Nigeria had multiple exchange rates, but the two most notorious were the official rate of ₦22 to $1 and the regular rate of ₦88 to $1.
Friends of the regime were given dollars at the official rate of ₦22 to $1, and they simply left the Central Bank of Nigeria and sold those dollars to Bureau de Change operators at between ₦70-₦75 to $1. The BDC operators then sold to Nigerians without access to the official rate of ₦88.
Moreover, that so-called official rate was pegged, meaning the CBN had to defend it with about $750 million monthly. Which was crazy because that alleged official rate was not going to genuine manufacturers and businesses. It was going to rent seekers with connections to Abacha. In other words, Abacha was subsidising cronies instead of our military-industrial complex.
Which is why after Abacha died and President Obasanjo stopped that practice, Nigeria's foreign reserves ballooned from about $9 billion to $67 billion.
Many of those getting dollars at ₦22 to $1 under Abacha were, in fact, agents of Abacha, who helped him loot Nigeria and salt away about $5 billion (that we know of. More Abacha loot is still being discovered 26 years after his death) in foreign bank accounts.
Abacha was a common criminal who almost brought Nigeria to its knees economically.
And Buhari came to continue what he started. Please fact-check me. Buhari was defending the Naira with $1.5 billion monthly. What you were seeing was not the Naira's actual value. We were just borrowing recklessly to sustain the Naira artificially to make Buhari look good. Buhari and his cabal right now should be in Kuje.
Drive Innoson
Call with Glo
Build with Dangote
Eat with Nasco
Drink Zobo
Celebrate with palm wine
Shop at local markets
Watch Enyimba and Kano Pillars
Wear aso oke, agbada, babanriga, or isi agu
There is no other way for the Naira to appreciate except we #GrowNairaBuyNaija"
READ ALSO: How Woman Lost Twins Babies After Waiting For 15 Years
"I see some people saying that the Naira was strong under Abacha. And sadly, others are buying this story.
Actually, under General Abacha, Nigeria had multiple exchange rates, but the two most notorious were the official rate of ₦22 to $1 and the regular rate of ₦88 to $1.
Friends of the regime were given dollars at the official rate of ₦22 to $1, and they simply left the Central Bank of Nigeria and sold those dollars to Bureau de Change operators at between ₦70-₦75 to $1. The BDC operators then sold to Nigerians without access to the official rate of ₦88.
Moreover, that so-called official rate was pegged, meaning the CBN had to defend it with about $750 million monthly. Which was crazy because that alleged official rate was not going to genuine manufacturers and businesses. It was going to rent seekers with connections to Abacha. In other words, Abacha was subsidising cronies instead of our military-industrial complex.
Which is why after Abacha died and President Obasanjo stopped that practice, Nigeria's foreign reserves ballooned from about $9 billion to $67 billion.
Many of those getting dollars at ₦22 to $1 under Abacha were, in fact, agents of Abacha, who helped him loot Nigeria and salt away about $5 billion (that we know of. More Abacha loot is still being discovered 26 years after his death) in foreign bank accounts.
Abacha was a common criminal who almost brought Nigeria to its knees economically.
And Buhari came to continue what he started. Please fact-check me. Buhari was defending the Naira with $1.5 billion monthly. What you were seeing was not the Naira's actual value. We were just borrowing recklessly to sustain the Naira artificially to make Buhari look good. Buhari and his cabal right now should be in Kuje.
Drive Innoson
Call with Glo
Build with Dangote
Eat with Nasco
Drink Zobo
Celebrate with palm wine
Shop at local markets
Watch Enyimba and Kano Pillars
Wear aso oke, agbada, babanriga, or isi agu
There is no other way for the Naira to appreciate except we #GrowNairaBuyNaija"
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