Obasanjo Critiques Tinubu's Economic Reforms at Summit

Former President Olusegun Obasanjo criticized President Bola Tinubu's economic reforms during the Financial Times Africa Summit 2026 in London, United Kingdom, on October 20, 2026. Obasanjo accused the Tinubu administration of exacerbating financial hardship for Nigerians through the sharp depreciation of the naira and the removal of petrol subsidies.

He stated that the naira's value fell from N500 to N1,500 to a dollar, effectively making Nigerians 300% poorer. Obasanjo linked this depreciation to Nigeria's increasing poverty levels, asserting that it has made it difficult for households and businesses to cope with rising costs.

He described Nigeria as "the poverty capital of the world" and questioned the justification for the government's policies, which he believed were not improving the economy. Obasanjo rejected the notion that the government needed more time for these reforms to yield positive results, emphasizing that the hardships faced by ordinary Nigerians could not be overlooked.