Nigerians are 300% poorer under Tinubu – Obasanjo

Former President Olusegun Obasanjo has criticised the economic reforms of President Bola Tinubu, accusing the administration of impoverishing citizens through the devaluation of the naira.

Speaking on Wednesday at the Financial Times Africa Summit 2026 in London, Obasanjo stated that the new fiscal policies have plunged the nation into severe hardship.

The elder statesman argued that the devaluation of the currency from N500 to N1,500 against the US dollar worsened the living conditions of the populace by 300 per cent.

The former president argued that the current administration’s fiscal policies have turned Nigeria into the poverty capital of the world.

He firmly dismissed talks that the current administration needs more time to complete its reforms, stressing that he does not see the economy improving under the current framework.

“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 per cent…What that meant was that every Nigerian is made poor by 300 per cent. You cannot say to me that that is good for Nigeria”, Obasanjo.

The former president, while speaking about the removal of fuel subsidy stated the government must first tackle corruption often disguised as subsidy payments to strengthen the economy. He advised the government to curb wastefulness, reduce unnecessary luxury, and focus more on domestic production.

Meanwhile, the Federal Government, has over time defended its fiscal policies as necessary measures for long-term macroeconomic stability. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, recently disclosed that the subsidy removal saved the country N15.8 trillion between June 2023 and December 2025.