You Made Every Nigerian Poor By 300% – Obasanjo Faults Tinubu Reforms

Former President Olusegun Obasanjo has criticised President Bola Tinubu’s economic reforms, arguing that the sharp fall in the value of the naira has made Nigerians poorer.

Obasanjo said the decision to allow the naira to lose significant value against the dollar had increased the financial hardship facing citizens and contributed to Nigeria’s high poverty levels.

Naija News reports that Obasanjo made the remarks on Wednesday at the Financial Times Africa Summit 2026 in London, United Kingdom.

The former president argued that the naira’s fall from about ₦500 to the dollar to around ₦1,500 had reduced Nigerians’ purchasing power and made essential goods more expensive.

“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 ₦500 to a dollar to ₦1,500 to a dollar,” he said.

Obasanjo added that the development had worsened poverty across the country.

“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 stated.

He questioned the benefits of the policy, insisting that the impact on ordinary Nigerians 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,” the former president added.

Naija News reports that Tinubu began implementing major economic reforms in May 2023 when he announced the removal of the petrol subsidy, a decision that led to higher petrol prices and increased transport costs.

The following month, his administration introduced foreign exchange reforms that allowed the naira to trade more freely and ended the multiple exchange-rate system.

The government said the measures were intended to improve the currency market, attract foreign investment and address distortions in the foreign exchange system.

However, the reforms coincided with a sharp fall in the naira’s value, rising inflation and higher prices for imported goods, putting pressure on households and businesses.

The rising cost of food, transportation and other basic needs has further reduced the purchasing power of many Nigerians.