Veteran journalist and one time presidential aspirant, Dele Momodu has accused former aide to President Goodluck Jonathan, Reno Omokri of being a blind supporter of President Bola Tinubu’s policies that have plunged the country into an economic crisis.
The Ovation Magazine publisher further upbraided Omokri and described him as an opportunist and a modern day ‘Tinubuist’ who now takes delight in attacking anyone who criticizes the Tinubu administration’s lapses.
Momodu who is a chieftain of the Peoples Democratic Party, (PDP), had, in an open letter on Wednesday, called out Tinubu, saying the President was busy engaging in waste by purchasing private jets, building monuments, and distributing palliatives rather than fixing the collapsed economy.
The veteran journalist lamented that the waste by Tinubu’s government was a sign of a failed administration.
Momodu urged Tinubu to curb excessive spending, focus on economic development, vocational skills, and local agriculture, while warning him against those he described as hero-wọrshippers in government and emphasized enforcing discipline, especially regarding Nyesom Wike’s actions.
Following the letter, Omokri took to his X handle to attack Momodu in Tinubu’s defence.
“Response To My Beloved Senior, Dele Momodu: Nigeria’s Economy Is Not Collapsing. Far From It!
Dear Egbon Dele Momodu,
I read your open letter to President Bola Tinubu, in which you said, “Our economy has virtually collapsed”, among other things.
Respectfully, the facts do not support your assertions, and in your open letter, you did not provide any facts. Only opinions. So, please let me present some facts that contradict your opinions.
Firstly, only yesterday, the International Monetary Fund projected that due to the reforms being undertaken by the current administration, Nigeria will have a 3.1% GDP growth rate in 2024.
This is one of the best projections for an African country in 2024, and does not signal an economy that has ‘virtually collapsed.’
Secondly, Nigeria had a record high of ₦6.52 trillion trade surplus in the first quarter of 2024. This has never happened before.
We routinely had trade deficits in the past. This means that because of the monetary reforms by the current government, Nigeria is now exporting significantly more than it is importing, and the growth is largely in the non-oil sector.
For example, Nigeria is now a net exporter of clement to Europe and a growing exporter of refined petroleum products to Europe and West African states.
Ghana, a fellow petroleum exporting country, is largely dependent on LPG from Nigeria. This projects growth, not collapse.
Thirdly, in terms of revenue, all Nigerian states, bar none, have received significantly higher federal allocations since May 29, 2023, than they were receiving under the Buhari regime.
Each state now gets at least 45% more federal allocation, with Nasarawa getting almost 100% more and Anambra getting 70% more, whereas their wage bill has not increased.
The above projects economic strength rather than collapse.
Fourthly, according to Financial Derivatives (FDC), with a Return on Investment of 22.90%, Nigeria’s Stock Exchange is now the most profitable capital market on Earth, Nigerian Stock Exchange bar none. Please note that. Bar none.
The National Bureau of Statistics has also corroborated this. For the first time in our history, the all-share index (ASI) of the crossed the 100,000 mark in 2024.
I would not categorise such growth as collapse, and I am sure investors who smiled to the bank would not either.
Fifthly, capital inflow into Nigeria increased by 66.27% this year. This is probably why Fitch and S&P Global Ratings upgraded Nigeria’s economy to a Stable B, and why foreign inflows into the capital market jumped fivefold in the first quarter of 2024 to N93.37 billion from N18.12 billion in the same period last year.
Sixthly, despite clearing the backlog of foreign exchange debts owed to foreign airlines and other foreign investors by the Central Bank of Nigeria, Nigeria’s foreign reserve hit a year-to-date high of an estimated $34 billion this year. How can a nation with such a healthy reserve be said to be on the verge of economic collapse?
Finally, the Student Loan promised is now a reality and is being disbursed. That means Nigeria is about to witness a dramatic increase in its human resources, as more youths will have access to education.
Therefore, bearing the above in mind, is it not possible, egbon Dele, that you may have focused too much on assumption and too little on facts to come to your conclusion that Nigeria’s economy is collapsing?
Displeased with the attack, Momodu also took to X to criticize Omokri’s defense of Tinubu’s policies, emphasizing the difference between economic theories and real-life economic conditions, warning him against bIind support and urged him to say the honest truth to prevent Nigeria’s worsẹning crisís.
In the rejoinder titled “Re: Urgent Message For President Tinubu,” Momodu schooled Omokri on the differences between economic and economy.
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“I have just read Mr Reno Omokri’s response to my earlier article, titled URGENT MESSAGE FOR PRESIDENT TINUBU.
Since I’m not a fan of fake economic theories that bear no positive impact on society and the citizens, I won’t waste my readers’ time on trading words with Reno. I will only make the following observations:
1. What happened to my Brother Reno that he feels he must defend many of the most atrocious policies of the Tinubu government?
I believe Reno is too brilliant to waste his talents on a government that can’t even defend itself in good conscience.
2. When did Reno become a born again Tinubuist that he has forcefully taken over the jobs of Ajuri and Onanuga combined. Otherwise, he would have known the difference between economics and ECONOMY.
Economics deals mainly with textbook theories while the ECONOMY deals with the practical and realistic conditions of the people on day to day basis.
All the economic ratings quoted by Reno have no meaning in Nigeria of today. No textbook can envisage or assuage the unprecedented hunger and suffering of Nigerians.
Our country is haemorrhaging to death while pseudo economists are regaling us with an over-romanticized magic of IMF/World Bank.
3. What enablers like Reno and company are doing by their blind support for a government that needs honest TRUTH is reminiscent of the story of Marie-Antoinette, the bride of King Louis XVI, who told the lumpen proletariat in France to eat cake if bread is too expensive for them.
In her majestic delusion of grandeur and provocative ignorance, the Queen did not know that bread and cake are of the same origin and that the latter is actually more expensive.
What happened next? REVOLUTION swept away most members of the French privilegentsia.
Today, Nigerians are substituting tomatoes with watermelon to cook food…
I will never wish such evil to befall Nigeria, my dear beloved country, but prevention is oftentimes better than cure.
I pray President Tinubu will somehow arrest this obvious drift towards perdition.”
