Obasanjo says Tinubu reforms made every Nigerian poorer by 300%

Former President Olusegun Obasanjo has said President Bola Tinubu's economic reforms have made Nigerians poorer, pointing to the sharp fall in the value of the naira since 2023.

Obasanjo spoke on Wednesday at the Financial Times Africa Summit 2026 in London, according to reports by Daily Trust, Leadership, Independent and Naija News.

He said the currency moved from about ₦500 to a dollar to around ₦1,500 to a dollar, and argued that this cut the purchasing power of every Nigerian.

"What that meant was that every Nigerian is made poor by 300 percent," Obasanjo said.

He added that the development contributed to Nigeria being described as the poverty capital of the world, meaning the country with the largest number of poor people.

"You cannot say to me that that is good for Nigeria. You cannot say to me that that is good for us in any sense," he said.

What the reforms did

Tinubu announced the removal of the petrol subsidy in May 2023, shortly after taking office. Petrol prices and transport costs rose.

The following month, his administration changed the foreign exchange market so the naira could trade more freely, ending the multiple exchange-rate system.

The government said the measures were meant to remove distortions in the currency market, attract foreign investment and make the system more transparent.

But the reforms came with a steep fall in the naira's value and rising inflation, which pushed up the cost of imported goods and put pressure on households and businesses.

Food prices, transport fares and other everyday costs have continued to rise, leaving many Nigerians struggling to cover basic needs.

The sources did not say whether the presidency or the finance ministry responded to Obasanjo's remarks.

What happens next

Obasanjo's comments add to the public debate over whether the reforms are working, as Nigerians continue to feel the pinch of higher prices. The government has not issued a reaction in the reports reviewed.