In a fiery rebuttal to recent claims by Labour Party’s presidential candidate, Mr. Peter Obi, that President Bola Tinubu has “wrecked” Nigeria’s economy, former presidential aide and political commentator, Reno Omokri, has countered with what he describes as “undeniable facts” demonstrating the opposite — including a stunning financial performance by a bank closely linked to Obi himself.
Speaking across Nigerian and international platforms, including Arise Television, Peter Obi has insisted that the Tinubu administration’s policies have deepened poverty, depreciated the Naira, and worsened inflation. However, Omokri argues that Obi’s rhetoric is not only misleading but self-defeating, citing robust economic indicators and corporate performance as proof that Nigeria’s economy is on a recovery path.
“If President Tinubu has destroyed Nigeria’s economy,” Omokri queried, “how come a bank in which Peter Obi holds substantial shares — about 10% — and where he once served as Chairman of the Board, ******** **** PLC, posted a record-breaking ₦385.2 billion pre-tax profit for the financial year ending December 2024? That’s a 210% increase from ₦124.3 billion in 2023.”
Omokri emphasized that the bank — whose name is being withheld for regulatory discretion — more than tripled its profits in just one year under Tinubu’s economic regime. According to him, this performance deflates Obi’s accusations and highlights how Nigeria’s financial sector is thriving, not collapsing.
Drawing from Fitch Ratings’ analysis that a country’s banking sector reflects the strength of its economy, Omokri said, “You cannot claim the economy is collapsing while simultaneously profiting from its success. The two positions are contradictory.”
Omokri also addressed counter-arguments that inflation or currency devaluation may have contributed to the profit surge. He insisted that the Naira actually appreciated between May 2024 and May 2025. “It crashed to ₦1700/$1 in February 2025, but after Binance was shut down and its executives arrested, the Naira bounced back and has stabilized at around ₦1500/$1,” he said.
Highlighting the macroeconomic gains achieved under President Tinubu’s administration, Omokri pointed to a list of transformative policy actions:
Fuel subsidy removal, freeing up trillions in government revenue;
Floating the Naira, unifying multiple exchange rates;
Redirecting oil revenues from the NNPC to the Central Bank for transparency;
Reducing fuel imports by over 50%, driven by local refining capacity improvements;
Trade surplus of $14.31 billion in 2024, the highest in Nigeria’s recent history;
Massive infrastructure projects like the Lagos-Calabar Coastal Highway and Illela-Sokoto-Badagry Expressway;
A widened tax base, with FIRS collections hitting ₦21.66 trillion in 2024, up 111.6%.
These economic efforts, Omokri noted, led to a 3.84% GDP growth in Q4 2024 — the highest in three years — and an annual GDP growth of 3.4%, a significant improvement over the 2.7% rate in 2023 under the Buhari administration.
“The opposition asks, ‘Na GDP growth rate we go chop?’ but when the economy shrunk under Buhari, they didn’t hesitate to weaponize the GDP,” Omokri stated.
In a striking statement, Omokri accused Peter Obi of political double-speak. “Peter Obi is deceiving the public while the Tinubu economy is enriching him. His bank has never made this much profit before — all thanks to the policies he criticizes.”
He concluded by challenging Obi to explain how such profitability could exist in a “wrecked economy.”
As political tensions continue to simmer ahead of the next electoral cycle, Omokri’s remarks serve as a reminder of the deep ideological divide shaping public discourse around President Tinubu’s economic agenda. While critics continue to highlight inflation, rising living costs, and income inequality, the government and its supporters are leaning on improved macroeconomic indicators, foreign investor interest, and infrastructural growth as proof of an economy on the mend.