Former Nigerian President Olusegun Obasanjo says President Bola Tinubu’s economic reforms have contributed to the sharp devaluation of the naira and increased poverty. Multiple outlets report that Obasanjo makes the case that the currency’s fall has left Nigerians significantly poorer and that the impact is broad-based.
The articles place Obasanjo’s remarks at the Financial Times Africa summit 2026 in London. Several sources also outline the reforms he links to the change, including the removal of petrol subsidy announced in May 2023 and subsequent foreign exchange reforms initiated in June 2023, described as ending Nigeria’s multiple exchange-rate system. They say the reforms coincided with naira depreciation, inflation, and higher costs of imported goods, food, transport and other essentials.
Across the coverage, the core framing is consistent: Obasanjo attributes deteriorating living conditions to Tinubu’s reforms and the naira’s decline. However, outlets vary in emphasis—from describing a 300% figure and “poverty capital” claim to providing more background on specific policy steps.
