Obasanjo Accuses Tinubu Of Deepening Poverty

Former President Olusegun Obasanjo has criticised President Bola Tinubu’s economic reforms, accusing his administration of worsening poverty and reducing Nigerians’ purchasing power through the sharp depreciation of the naira. The former president made the remarks on Wednesday, October 21, 2026, while speaking at the Financial Times Africa Summit in London, United Kingdom, where he questioned the impact of the government’s economic policies on the living conditions of ordinary Nigerians.

Obasanjo argued that the decline in the value of the naira had significantly weakened the financial position of Nigerians, making it more difficult for many households to afford basic necessities. According to him, the currency’s depreciation had reduced the purchasing power of citizens and contributed to Nigeria’s position among countries with the highest number of people living in poverty.

The former president specifically criticised the scale of the naira’s depreciation, noting that the exchange rate had moved from about ₦500 to the dollar to approximately ₦1,500 to the dollar. He described the development as a major loss in the value of Nigerians’ money, arguing that the consequences had been severe for citizens whose incomes had not increased at the same pace as the cost of goods and services.

Obasanjo questioned the benefits of the reforms, insisting that policies that leave citizens poorer should not automatically be celebrated as successful economic measures. He argued that the government needed to consider how its decisions affected ordinary people, particularly those struggling with rising food prices, transportation costs and other essential expenses. His comments added to the ongoing national debate over the consequences of the Tinubu administration’s economic policies.

The former president also challenged the argument that Tinubu should be given another term to consolidate his reforms. Questioning the purpose of continuing policies that he believes have impoverished Nigerians, Obasanjo asked: “What policies are you seeing through? You impoverish your people and you want to see impoverishment through? What are you seeing through?” His remarks reflected his doubts about whether the current economic direction was delivering the promised benefits to the population.

Obasanjo further compared Nigeria’s economic situation with developments in Ghana, pointing to the movement of the Ghanaian cedi against the United States dollar under the country’s current leadership. He cited figures indicating that the cedi had moved from about 16 to the dollar to around 10 within six months, presenting the comparison as an example of a different currency trajectory. He also referred to concerns reportedly raised by Ghanaian cocoa farmers over the prices they received for their produce.

Tinubu introduced major economic reforms after assuming office in May 2023, including the removal of the petrol subsidy and changes to the foreign exchange market. The government defended the measures as necessary steps towards addressing economic distortions, improving market efficiency, attracting foreign investment and strengthening public finances. However, the reforms were accompanied by a sharp depreciation of the naira, rising inflation and increases in the prices of food, fuel, transportation and imported goods, placing considerable pressure on households and businesses.

Obasanjo’s latest criticism has renewed attention to the debate over the benefits and costs of the government’s economic policies. While the administration has presented its reforms as necessary for long-term economic stability, the former president has questioned their implementation and consequences for citizens. His comments at the London summit underline the continuing disagreement over how Nigeria should address its economic challenges while protecting household incomes and improving living standards.