Olusegun Obasanjo Criticizes Bola Tinubu's Economic Reforms

Former President Olusegun Obasanjo criticized the economic reforms of President Bola Tinubu during the Financial Times Africa Summit 2026 in London on Wednesday. Obasanjo argued that the sharp devaluation of the naira, which shifted from 500 to 1,500 per US dollar, impoverished Nigerians by 300 percent and established Nigeria as the "poverty capital of the world."

The reforms began in May 2023 with the removal of the petrol subsidy and continued in June 2023 with foreign exchange measures intended to eliminate the multiple exchange-rate system and attract investment. Obasanjo asserted that the resulting loss of purchasing power was not beneficial to the country in any sense.

While the administration of Bola Tinubu maintains these measures are necessary to address structural weaknesses and improve market efficiency, critics point to a subsequent surge in inflation. This has led to rising costs for food, transportation, and imported goods, which Obasanjo describes as an excessive burden on citizens.