‘Every Nigerian Is 300% Poorer’: Obasanjo Accuses Tinubu’s Reforms of Deepening Nigeria’s Poverty

According to a report by The Cable on Thursday October 22, 2026, former President Olusegun Obasanjo has criticised President Bola Tinubu’s economic reforms, arguing that the sharp depreciation of the naira has significantly reduced Nigerians’ purchasing power and contributed to widespread poverty.

Obasanjo made the remarks on Wednesday at the Financial Times Africa Summit 2026 in London, United Kingdom, where he questioned the impact of currency devaluation on the country’s economic well-being.

According to the former president, the naira’s decline from approximately ₦500 to the dollar to ₦1,500 represented a substantial loss in value that had left Nigerians considerably poorer.

“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,” Obasanjo said.

He argued that the depreciation had serious consequences for living standards and Nigeria’s poverty levels.

“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 said.

Obasanjo questioned whether the economic outcome could be considered beneficial to the country, adding, “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, a decision that triggered higher fuel prices and increased transportation costs. The following month, his administration introduced foreign exchange reforms intended to allow the naira to trade more freely and address distortions in the currency market.

The government presented the measures as part of efforts to improve market efficiency and attract foreign investment. However, the reforms coincided with a significant decline in the naira’s value and rising inflation, increasing the cost of imported goods and essential commodities.

Higher food and transportation expenses have continued to place pressure on households and businesses, eroding consumers’ purchasing power.

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