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The Naira Crashed Because Of The Oil Swap Deal Done By Buhari Administration- Reno Omokri Lectures Nigerians In Robust Analysis
The Naira Crashed Because Of The Oil Swap Deal Done By Buhari Administration- Reno Omokri Lectures Nigerians In Robust Analysis....KINDLY READ THE FULL STORY HERE▶
Written By Oshiobugie Omo-Ikirodah
In a recent social media outburst, outspoken political critic and author, Reno Omokri, articulated his views regarding the recent freefall of the Naira, attributing the devaluation to the oil swap deal undertaken by the Buhari administration. CONTINUE READING
Omokri, in a scathing analysis, stated, “The Naira did not crash because of bad governance, as popular opinion suggests. Instead, the downturn is due to the Central Bank of Nigeria’s cessation of the $9 billion subsidy for the dollar every six months. This 49-year-old practice was unsustainable, and its discontinuation was inevitable. It’s bewildering to see individuals in foreign brands criticizing the government for the Naira’s state.”
He further urged Nigerians to adopt consumption habits that promote local products and services, stressing that without a domestic-focused mindset, even divine intervention wouldn’t stabilize the Naira.
Diving deeper, Omokri revealed, “The Buhari regime had pre-collected revenues from oil sales of today and the foreseeable future due to crude oil swaps, leaving the nation’s coffers nearly empty. Except for diaspora remittances, our income stream is dry.”
The author also touched upon the controversial topic of money printing. He claimed that the Buhari administration had printed trillions of Naira without any significant reserve to back up the excessive amount. “There’s neither gold in the CBN nor reserves abroad to support such a print. Alarmingly, many officials instrumental in orchestrating this financial maneuver have reportedly fled Nigeria,” he added. CONTINUE READING
Concluding his diatribe, Omokri opined that the present regime’s silence stems from the APC’s unwillingness to self-indict, leaving the nation grappling with the repercussions of its financial decisions.
This revelation by Reno Omokri is bound to stimulate further debate and discussions, especially among financial analysts and political observers keen on Nigeria’s economic trajectory.
Source: Bushradiogist
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