Former President Olusegun Obasanjo has criticised President Bola Tinubu’s economic reforms, saying the sharp fall in the naira’s value has made Nigerians poorer.
Obasanjo spoke on Wednesday at the Financial Times Africa Summit 2026 in London, United Kingdom.
He blamed the naira’s devaluation for worsening poverty in the country, noting that the currency fell from N500 to the dollar to N1,500.
“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.
“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.
“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.”
Tinubu announced the removal of the petrol subsidy in May 2023, leading to higher fuel prices and transport costs.
The following month, his government introduced foreign exchange reforms that allowed the naira to trade more freely and ended the multiple exchange-rate system.
The measures were designed to improve the market, attract foreign investors and address problems in the currency market.
However, the reforms came alongside a sharp fall in the naira’s value, rising inflation and more expensive imported goods, putting pressure on households and businesses.
Higher prices of food, transport and other essential items have also reduced Nigerians’ purchasing power.
