Former President Obasanjo criticized President Tinubu’s economic policies, stating currency devaluation made every Nigerian 300 percent poorer.
Former President of Nigeria, Chief Olusegun Obasanjo, has heavily criticized the administration of President Bola Ahmed Tinubu, accusing his government’s economic policies of making everyday citizens poor and turning Nigeria into the poverty capital of the world.
The former elder statesman made these strong statements while speaking to international business leaders and political experts at the Financial Times Africa Summit 2026 held in London, United Kingdom.
The former leader expressed deep sadness over how ordinary families across the nation are struggling to buy basic food items, pay for transport, and survive the heavy economic hardship caused by government policies.
The former president pointed out that sudden decisions made by government leaders without proper protection for the poor have badly damaged the daily lives of millions of Nigerians.
Focusing directly on how dropping the official value of the local currency destroyed the buying power of ordinary people, Olusegun Obasanjo stated: “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 per cent. 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.”
The elder statesman totally rejected excuses from government supporters who ask citizens to give President Tinubu more time to complete his economic plans for the nation.
Insisting that he does not see any positive results coming out of the current economic direction, Olusegun Obasanjo declared: “For the economy, I don’t see anything getting better. What policies are you seeing through? You impoverish your people, and you want to see impoverishment through?”
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The former military and civilian leader stressed that good government policies should bring relief and happiness to the public, not endless suffering and hunger for families.
Worrying that current decisions do not help ordinary market women, workers, and youth, Olusegun Obasanjo stated: “Not in the best interest of Nigerians. Nobody can deny that.”
Speaking on the removal of petrol subsidy, which caused fuel prices to jump sky-high across all petrol stations in the country, the former president explained that fuel prices touch the life of every single citizen because they control transport fares and food prices in local markets.
Demanding that government leaders must fight stealing and illegal business in the oil sector first before taking away support from poor people, Olusegun Obasanjo noted: “Petrol and petroleum products affect everybody and everything. Now, what we call subsidy for petroleum products in Nigeria, a lot of it is corruption. And I think we should tackle that corruption first.”
The explosive comments from the former president have sparked intense public debate across the nation, with many ordinary citizens supporting his views while government officials defend their long-term economic reforms.
Economic analysts and citizens are watching closely to see how the Presidency will formally respond to these strong criticisms.
Jennifer Baba is a journalist, international news correspondent, and writer at Moderncrux, where she covers artificial intelligence, fintech, emerging technologies, global politics, and international affairs. Based in Nigeria, she is passionate about transforming complex global developments into clear, engaging stories that inform and inspire readers.
