Obasanjo Critiques Tinubu's Economic Policies in London

On October 21, 2026, former President Olusegun Obasanjo criticized President Bola Tinubu's economic policies during his address at the Financial Times Africa Summit in London, United Kingdom. Obasanjo argued that Tinubu's currency devaluation and related reforms have driven millions of Nigerians deeper into poverty.

He specifically highlighted the naira's collapse and its role in making Nigeria the country with the largest number of poor people globally. The economic policies in question began shortly after Tinubu took office in May 2023, when he removed the petrol subsidy, leading to increased fuel prices and transport costs.

The following month, the administration allowed the naira to trade more freely, ending the multiple exchange-rate system. While the government claimed these changes aimed to attract foreign investment and improve market efficiency, they coincided with a significant fall in the naira's value, rising inflation, and increased costs for imported goods, thereby squeezing household budgets and eroding purchasing power.