“What policies are you carrying out? You impoverish your people and do you want to see the impoverishment through?, Obasanjo Fires in Tinubu – THISAGE

Former President Olusegun Obasanjo has launched a scathing attack on President Bola Tinubu’s economic reforms, accusing the administration of worsening the living conditions of Nigerians and worsening the country’s poverty crisis.

Obasanjo spoke on Wednesday at the Financial Times Africa Summit 2026 in London, UK, where he criticized the administration’s management of the naira, the removal of the petrol subsidy and broader economic policies implemented since Tinubu assumed office in May 2023.

The former president was particularly critical of the depreciation of the naira following the federal government’s currency reforms.

According to him, Nigeria’s integration into the global economy means that changes in the value of the naira have a direct impact on the well-being of citizens.

“We don’t live in isolation as a country. We interact with the rest of the world. And overnight the currency devalues ​​by 300%.

“The naira went from N500 to a dollar to N1,500 to a dollar. This meant that every Nigerian is made poor by 300%. This made Nigeria the poverty capital of the world, which means Nigeria has the largest number of poor people in the world.

“You can’t tell me this is good for Nigeria. You can’t tell me this is good for us in any sense,” he said.

The former president also rejected claims that Tinubu needs more time to consolidate his economic reforms.

Asked whether he believed the Nigerian economy was improving, Obasanjo said he saw no significant improvement.

“For the economy, I don’t see anything that can improve,” he said.

He questioned the logic of asking Nigerians to support another term for Tinubu on the grounds that the president needed time to complete his reforms.

“What policies are you pushing forward? Do you impoverish your people and do you want to see through the impoverishment? What are you pushing forward?” Obasanjo asked.

He stressed that his criticisms were aimed at the President’s economic policy and not his personality.

“What he is doing wrong and what I am saying is that the economic programs he has put in place are not in the best interest of Nigerians. Plain and simple. No one can deny that,” he said.

Obasanjo’s comments come amid ongoing debate over the impact of the Tinubu administration’s reforms, which the government has consistently defended as necessary measures to correct structural distortions and place the economy on a sustainable path.

Tinubu’s economic reform program began with the removal of the petrol subsidy in May 2023, followed weeks later by sweeping changes in the foreign exchange market.

The administration said the measures are necessary to eliminate distortions, improve market efficiency, attract investment, strengthen public finances and create the foundation for sustainable economic growth.

However, the reforms were accompanied by a sharp depreciation of the naira, higher inflation and a sharp increase in the cost of imported goods and raw materials.

The consequences have been felt throughout the economy, with significant increases in spending on food, transportation, housing, energy and other essential expenses.

For families whose incomes have not increased at a comparable pace, the result has been a substantial erosion of purchasing power.

Obasanjo argued that the impact of the devaluation of the naira cannot be separated from the well-being of Nigerian citizens.

His claim that development has made “every Nigerian” 300% poorer reflects his description of the effect of exchange rate movement, rather than a formal statistical measurement of individual wealth losses.

Obasanjo also criticized the way the petrol subsidy was removed. He argued that a significant portion of what had been described as subsidies was actually the product of corruption in the oil sector.

“Petrol and petroleum products affect everything and everyone. Now, what we call subsidy for petroleum products in Nigeria, a lot of it is corruption,” he said.

According to him, the government could reduce the burden of subsidies by first addressing corruption and losses in the oil sector.

“I believe that if we pay attention to corruption and address it, what will be left of the subsidies will be very little,” he said.

Rather than rely on policies that place further pressure on citizens, Obasanjo called for stronger action against corruption, waste and excessive public spending.

“If you are in a very bad economic situation, two things, among others, are very important to me. You have to curb corruption, waste and unnecessary luxury,” he said.

He also highlighted the importance of increasing domestic production.

“Number two, you have to produce,” the former president said.

Tinubu inherited an economy already facing significant challenges, including high debt servicing costs, foreign currency shortages, gasoline subsidy payments, low productivity and widespread insecurity.

His administration responded with two of the most important economic decisions in 2023: the removal of gasoline subsidies and the liberalization of the foreign exchange market.

The policies initially triggered significant economic disruption. The naira depreciated dramatically, inflation accelerated, and the cost of living rose rapidly.

The government, however, has argued that the short-term difficulties are part of a necessary adjustment process and that reforms are starting to produce macroeconomic benefits.

Nigeria has subsequently experienced periods of improving foreign reserves, greater investor confidence, stronger fiscal performance and greater stability in the foreign exchange market.

However, the improvement in some macroeconomic indicators has not eliminated the difficulties faced by families.

Poverty remains widespread, while food and other essential costs continue to consume a large share of household incomes.

It is in this context that Obasanjo disputed the administration’s assertion that reforms are ultimately in the interest of Nigerians.

For the former president, the central measure of economic success should be whether ordinary citizens are becoming more prosperous, not simply whether public finances or some macroeconomic indicators are improving.

His verdict at the London summit was unequivocal: economic policies that leave Nigerians poorer cannot, in his view, be described as being in the best interests of the country.