Obasanjo Knocks Tinubu’s Reforms

​Former President Olusegun Obasanjo has launched a scathing critique of President Bola Tinubu’s economic policies, declaring that the steep devaluation of the naira has impoverished citizens by 300 per cent and turned Nigeria into the poverty capital of the world.

​Speaking in the United Kingdom at the Financial Times Africa Summit 2026, Obasanjo argued that the abrupt collapse of the local currency—slipping from roughly N500 to N1,500 against the dollar following the 2023 policy shifts—dealt a devastating blow to the purchasing power of ordinary Nigerians.

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​Key Highlights from the Summit

• ​Severe Depreciation: Obasanjo faulted the administration for implementing aggressive overnight adjustments that eroded currency value and drove up living costs.
• ​Rejection of “More Time”: Dismissing appeals for patience regarding the administration’s economic trajectory, the former leader stated he sees no indication of recovery.

• ​Tackling Corruption: On the contentious issue of fuel subsidies, Obasanjo maintained that while petroleum impacts every facet of the economy, a significant portion of what is termed subsidy leakage is actually systemic corruption that must be confronted directly.

​The federal government has repeatedly maintained that its fiscal changes are vital to halting long-term economic decay and restoring macro-economic stability, though public debate continues to intense over the immediate hardship faced by households.