Obasanjo says Tinubu’s Reform is a failure, it made Nigerians poorer

Former President Olusegun Obasanjo has criticised President Bola Tinubu’s economic reforms, arguing that the sharp devaluation of the naira has weakened Nigerians’ purchasing power and worsened the country’s poverty crisis.

Speaking at the Financial Times Africa Summit 2026 in London, Obasanjo faulted the rapid fall in the naira’s value, saying it had made Nigerians significantly poorer. He argued that the economic consequences could not be justified as beneficial to the country while citizens continued to struggle with rising living costs.

Obasanjo also questioned whether the economy was improving under Tinubu, criticising the administration’s handling of currency reforms and petrol subsidy removal. He argued that corruption associated with the subsidy system should have been addressed more effectively.

Tinubu’s administration has defended its economic reforms as necessary to address longstanding distortions, improve government revenue and attract investment. However, the impact of the policies on food prices, transportation costs, businesses and household finances remains a major subject of public debate.

Is Obasanjo right that Tinubu’s reforms have deepened poverty, or does the government need more time for the policies to deliver results? Join the discussion in the comments.