By Reno Omokri
Dear Citizens of Nigeria,
Contrary to what the ADC and Obidient online mob are telling you, President Bola Tinubu has not borrowed $20.5 billion, nor has the Senate approved for the Tinubu administration to take a loan of that amount.
These individuals and the politicians and parties they represent are professional misinformers and disinformers, skilled in twisting simple narratives to turn you against your country and government.
For the avoidance of doubt, President Bola Tinubu is not about to borrow $21 Billion. The MTEF contains the borrowing plan for both the Federal and State Governments for the next three years.
In other words, the $20.5 billion is what the Federal Government and the 36 states can borrow over the next three years.
That amount is not what they will borrow. The $20.5 billion is what they can borrow should the worst become the worst. They are not even likely to take those loans. It is just a framework for what is possible.
For example, while the MTEF provides for extensive borrowings in 2025, only $1.23 billion will actually be borrowed. And that $1.23 billion will be borrowed by both the Federal and state governments from all geopolitical zones.
The MTEF only shows possible borrowing that Nigeria is entitled to based on agreements with our 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 possible borrowings by the Federal and State Governments to specific projects.
For actual borrowings, Nigerians should look at the budgets of both the Federal and State Governments.
Therefore, the sensational headlines and social media posts indicating that President Tinubu is to borrow $20.5 billion are fake and alarmist.
Again, I urge Nigerians to read the MTEF and the 2025 Appropriation Act.
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.
Under such a skilled professional hand, one who has worked in the highest levels at both the private and public sectors, Nigerians can expect their national debt to reduce, not increase.
Finally, Nigerians should note that 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.
Thus, I urge the public to read as much as possible and verify from official sources before they make conclusions based on sensational headlines.
Reno Omokri
