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.
Obasanjo made the remarks on Wednesday during the Financial Times Africa Summit 2026 in London, United Kingdom, where he questioned the impact of the Federal Government’s economic policies introduced since Tinubu assumed office in May 2023.
The former president argued that the naira’s decline from about ₦500 to the dollar to approximately ₦1,500 had significantly weakened the financial position of ordinary Nigerians.
According to him, the currency’s depreciation had contributed to Nigeria’s status as one of the countries with the highest number of people living in poverty.
Obasanjo questioned the benefits of the policy, insisting that its consequences for citizens could not be regarded as positive.
He also dismissed suggestions that Tinubu should be given more time to allow his economic reforms to deliver results, saying he had yet to see convincing signs of improvement in the economy.
“What policies are you seeing through? You impoverish your people, and you want to see impoverishment through?” he asked.
The former president further maintained that the administration’s economic programmes were not serving the best interests of Nigerians.
On the removal of petrol subsidies, Obasanjo acknowledged the importance of fuel to virtually every sector of the economy but argued that corruption associated with the subsidy system should have been addressed.
He called for stronger action against corruption, wasteful spending and unnecessary luxury, while urging the country to focus on production as a way of improving its economic fortunes.
His comments come amid continuing concerns over the cost of living, food prices and the purchasing power of households, despite recent improvements in some headline economic indicators.
The Presidency had not responded to the former president’s latest criticisms as of the time of the report.
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