‘Every Nigerian made poorer by 300%’ – Obasanjo slams Tinubu reforms

Former President Olusegun Obasanjo has criticised President Bola Tinubu’s economic reforms, arguing that the sharp depreciation of the naira has worsened poverty and placed additional pressure on Nigerians.

Obasanjo made the remarks on Wednesday at the Financial Times Africa Summit 2026 in London, United Kingdom, where he discussed the impact of Nigeria’s currency depreciation and broader economic challenges.

According to the former president, the naira’s decline against the US dollar significantly reduced the purchasing power of Nigerians and contributed to the country’s high poverty levels.

“We do not live in isolation as a country. We interact with the rest of the world. And overnight, you devalue the currency by 300 percent. The naira went from N500 to a dollar to N1,500 to a dollar,” Obasanjo said.

He argued that the currency’s depreciation had affected Nigerians’ ability to afford goods and services, adding that the development had contributed to Nigeria’s position among countries with the largest populations living in poverty.

“What that meant was that every Nigerian is made poor by 300 percent. That made Nigeria become the poverty capital of the world, which means Nigeria has the largest number of poor people in the world,” he said.

“You cannot say to me that that is good for Nigeria. You cannot say that that is good for us in any sense.”

Tinubu’s administration introduced major economic changes in 2023, including the removal of the petrol subsidy in May and foreign exchange reforms in June that allowed the naira to trade more freely.

The government has argued that the reforms are intended to address market distortions, improve foreign exchange availability, attract investment and strengthen the economy over time.

However, the changes were accompanied by a sharp depreciation of the naira, rising inflation and increased costs for imported goods. Higher food and transportation prices have also placed significant pressure on household budgets and businesses.

Obasanjo’s comments add to the ongoing debate over whether the economic reforms have delivered sufficient benefits to justify the immediate costs borne by Nigerians.

What is your view? Do you agree with Obasanjo that Tinubu’s economic reforms have worsened poverty, or do you believe the policies need more time to deliver their intended results?

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