Former President Olusegun Obasanjo has criticised President Bola Tinubu’s economic reforms, blaming the sharp devaluation of the naira for worsening poverty and eroding Nigerians’ purchasing power.
Obasanjo, who spoke on Wednesday at the Financial Times Africa Summit 2026 in London, United Kingdom, said the currency’s depreciation had significantly weakened the economic standing of Nigerians.
The former president argued that the naira’s fall from about N500 to the dollar to N1,500 represented a 300 per cent devaluation, with far-reaching consequences for the economy and citizens’ welfare.
“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 linked the currency’s decline to the growing hardship facing Nigerians and the country’s status as one of the world’s poorest nations.
Tinubu’s administration introduced major economic reforms in 2023, including the removal of the petrol subsidy and changes to the foreign exchange regime. The measures were aimed at addressing structural distortions, improving market efficiency and strengthening government revenue, but they have also contributed to significant adjustments in prices and living costs.
Obasanjo’s remarks add to the ongoing debate over the impact of the administration’s policies on inflation, household incomes and the broader Nigerian economy.
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