Obasanjo Blasts Tinubu's Reforms, Claims 300% Poverty Rise

Former President Olusegun Obasanjo accused President Bola Tinubu of impoverishing Nigerians by 300 percent through the devaluation of the naira, which he claimed has turned Nigeria into "the poverty capital of the world." Speaking at the Financial Times Africa Summit 2026 in London, Obasanjo noted that the naira's value plummeted from N500 to N1,500 to a dollar overnight due to economic reforms initiated by the Tinubu administration in 2023. He expressed skepticism about the improvement of the economy, stating, "For the economy, I don’t see anything getting better." Obasanjo criticized Tinubu's policies as not being in the best interest of Nigerians and highlighted the need to address corruption in the subsidy system.

He referenced the Central Bank of Nigeria's exchange-rate unification on June 14, 2023, which saw the naira fall significantly against the dollar. The National Bureau of Statistics reported a headline inflation rate of 14.63 percent in September, with food inflation at 19.59 percent.