Obasanjo Critiques Tinubu's Economic Reforms Impacting Nigerians

Former President Olusegun Obasanjo criticized President Bola Tinubu's economic reforms during the Financial Times Africa Summit 2026 in London, United Kingdom. Obasanjo argued that the naira's significant devaluation from about ₦500 to around ₦1,500 against the dollar has made every Nigerian poorer by 300 percent.

He stated that this drastic fall in currency value has exacerbated financial hardship and contributed to Nigeria's status as the poverty capital of the world. Obasanjo questioned the benefits of the policy, asserting that it negatively affected ordinary Nigerians.

He highlighted that the reforms, which began in May 2023 with the removal of the petrol subsidy and the introduction of foreign exchange reforms, coincided with rising inflation and increased prices for essential goods. These changes have further diminished the purchasing power of many Nigerians, leading to higher costs for food, transportation, and other basic needs.