Tinubu: For the economy, I don’t see anything getting better – Obasanjo

According to a report by the Punch on Friday, October 23, 2026, former President Olusegun Obasanjo has faulted President Bola Tinubu’s economic policies, arguing that the reforms introduced by the current administration have weakened the naira and increased financial difficulties for Nigerians.

Obasanjo expressed his concerns on Wednesday at the Financial Times Africa Summit 2026 in London, United Kingdom, where he assessed the impact of the economic changes implemented by the Tinubu government in 2023.

The former Nigerian leader blamed the depreciation of the naira for the decline in citizens’ purchasing power, arguing that the currency’s loss of value had made it increasingly difficult for many households to afford basic necessities.

He maintained that the reforms had contributed to widespread poverty and questioned whether the administration’s economic direction was delivering meaningful benefits to the population.

Expressing his reservations about the country’s economic performance, Obasanjo said, “For the economy, I don’t see anything getting better.”

He also rejected the argument that the government required more time to allow its policies to produce results, insisting that the impact on ordinary Nigerians raised serious concerns about the effectiveness of the reforms.

On the removal of the petrol subsidy, the former president acknowledged that fuel costs had far-reaching consequences for economic activities. However, he argued that corruption had accounted for a substantial portion of what was regarded as subsidy spending and should have been addressed more firmly.

Obasanjo called on the government to tackle corruption, reduce wasteful expenditure and unnecessary luxury, while prioritising domestic production as part of efforts to improve the country’s economic circumstances.

According to figures cited in the report, the official exchange rate stood at approximately N460.80 to the dollar before the Central Bank of Nigeria unified the foreign exchange windows on June 14, 2023. By October 19, the rate had reached about N1,333.54 per dollar, while the naira had weakened to around N1,607.05 in early May 2025.

Meanwhile, National Bureau of Statistics data showed that headline inflation fell to 14.63 per cent in September from 20.98 per cent recorded a year earlier. Food inflation remained at 19.59 per cent, while real gross domestic product expanded by 4.43 per cent in the second quarter.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, had earlier disclosed that the removal of the petrol subsidy generated savings of N15.8tn between June 2023 and December 2025.

Attempts to obtain a response from the Presidency regarding Obasanjo’s criticism were unsuccessful, as the President’s Special Adviser on Information and Strategy, Bayo Onanuga, could not be reached.

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