Saturday, October 24, 2026 - Former President Olusegun Obasanjo has accused the Tinubu administration of making every Nigerian poor by 300 per cent through the devaluation of the naira.
Obasanjo said this at the Financial Times Africa Summit 2026
in London, United Kingdom, on Wednesday, October 21, adding that Tinubu turned
Nigeria into the poverty capital of the world through his economic
policies.
“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 per cent.”
The former President rejected the argument that Tinubu
needed more time to complete his reforms, saying he did not see the economy
improving.
“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?” he stated
According to the former President, the Tinubu
administration's economic policies were “not in the best interest of Nigerians.
Nobody can deny that.”
On the petrol subsidy, he said fuel affected “everybody and
everything,” but argued that a lot of what Nigeria called subsidy was
corruption and should be tackled first.
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