2027: Atiku, Melaye, Fayose warn Nigerians against Tinubu’s re-election

Former Nigerian President Olusegun Obasanjo has criticized President Bola Tinubu's economic reforms, accusing them of making every Nigerian three times poorer through the devaluation of the naira. Obasanjo stated this at the Financial Times Africa Summit 2026 in London, where he noted that the naira lost value overnight due to these reforms.

The naira's value plummeted from N500 to a dollar to N1,500 to a dollar, which Obasanjo called a dramatic devaluation that turned Nigeria into "the poverty capital of the world." This drastic depreciation had a devastating impact on the population, making every Nigerian poorer by 300 percent. Obasanjo firmly rejected the notion that Tinubu's reforms needed more time and questioned the lack of improvement in the economy.

He questioned the rationale behind policies that led to such widespread impoverishment. Despite the removal of fuel subsidies, Obasanjo argued that the true cost was borne by all citizens, not just those who benefited from subsidies. He also emphasized the need to tackle corruption, wastefulness, and luxury to stimulate economic growth.

The Central Bank of Nigeria (CBN) had unified the exchange-rate windows in June 2023, causing the naira's value to plummet. By October 19, the official exchange rate had reached N1,333.54 to a dollar, and by May 2025, it had fallen to N1,607.05. Despite a slight drop in headline inflation to 14.63 percent, food inflation remained high at 19.59 percent, while real GDP growth was 4.43 percent in the second quarter.

The Finance Minister, Taiwo Oyedele, claimed that the subsidy removal saved N15.8 trillion between June 2023 and December 2025. However, Obasanjo's criticism suggests he does not share this positive outlook, as he believes the reforms have only exacerbated Nigeria's economic woes.