Fib — first of several with politician (5)
I believe the answer is:
story
'fib' is the definition.
('story' can be a synonym of 'fib')
'first of several with politician' is the wordplay.
'first of' indicates taking the first letters.
'with' is a charade indicator (letters next to each other).
'politician' becomes 'tory' (I've seen this before).
The initial letter of 'several' is 's'.
's'+'tory'='STORY'
(Other definitions for story that I've seen before include "Tale - lie" , "See 10 and 19" , "Account, tale" , "Narration" , "Anecdote" .)