‘Every Nigerian Is Made Poor by 300%’ — Obasanjo Faults Naira Devaluation Under Tinubu

Former President Olusegun Obasanjo has criticised President Bola Tinubu’s economic reforms, arguing that the sharp depreciation of the naira has worsened poverty and placed additional financial pressure on Nigerians.

Obasanjo made the remarks on Wednesday, October 21, 2026, while speaking at the Financial Times Africa Summit in London, United Kingdom.

He faulted the decline in the value of the naira following the foreign exchange reforms introduced by Tinubu’s administration in 2023, saying the policy had significantly weakened the purchasing power of citizens.

“We do not live in isolation as a country. We interact with the rest of the world. And overnight, you devalue the currency by 300 percent. The naira went from N500 to a dollar to N1,500 to a dollar,” Obasanjo said.

He added that the depreciation had made Nigerians poorer and contributed to the country’s high poverty levels.

“What that meant was that every Nigerian is made poor by 300 percent. That made Nigeria become the poverty capital of the world, which means Nigeria has the largest number of poor people in the world,” he said.

The former president questioned the benefits of the reforms, insisting that their impact on citizens’ living conditions could not be described as positive.

“You cannot say to me that that is good for Nigeria. You cannot say to me that that is good for us in any sense,” he added.

Obasanjo also expressed doubts about claims that the economy was improving under Tinubu’s administration.

“For the economy, I don’t see anything getting better,” he said, questioning the argument that the President should be given more time to consolidate his policies.

Tinubu introduced major economic reforms shortly after assuming office in May 2023. The measures included removing the petrol subsidy and, in June of the same year, reforming the foreign exchange market to allow the naira to trade more freely.

The Federal Government has defended the reforms as necessary to address market distortions, improve foreign exchange availability and attract investment.

However, the naira’s depreciation, rising inflation and increases in food, transport and other essential costs have placed significant pressure on households and businesses.

Obasanjo’s comments add to the continuing debate over the impact of the administration’s economic policies as Nigeria approaches the 2027 general elections.