You impoverished Nigerians, Obasanjo attacks Tinubu’s reforms

Former Nigerian President Olusegun Obasanjo has vehemently criticized President Bola Tinubu for his economic policies, claiming they have turned the nation into the "poverty capital of the world." During the Financial Times Africa Summit 2026 in London, Obasanjo accused the Tinubu administration of devaluing the naira by 300 percent overnight, a move he said had impoverished every Nigerian.

Formerly, the naira was exchanged at N500 to the dollar, but by October 19, it had plummeted to N1,500 per dollar. Obasanjo argued that such a drastic devaluation could not be beneficial for the country, stating, "You cannot say to me that that is good for Nigeria." He dismissed the notion that Tinubu needed more time to complete his reforms, insisting that the economy had not improved under his leadership.

Obasanjo also dismissed the petrol subsidy removal as a solution, pointing out that the move affected everyone and everything, but the corruption embedded in the subsidy system should be the primary focus. The Minister of Finance, Taiwo Oyedele, claimed that the subsidy removal saved the economy N15.8 trillion between June 2023 and December 2025.

However, the current inflation rate remains high at 14.63 percent, with food inflation reaching 19.59 percent, while real GDP growth stands at 4.43 percent in the second quarter.