Former President Olusegun Obasanjo has accused President Bola Tinubu of making every Nigerian poor by 300 per cent through the devaluation of the naira, saying the policy has turned Nigeria into “the poverty capital of the world.”
Obasanjo spoke on Wednesday at the Financial Times Africa Summit 2026 in London, United Kingdom.
He said the naira lost its value overnight due to economic reforms undertaken by the Tinubu administration in 2023.
Obasanjo said that had made Nigeria “the poverty capital of the world,” which he said meant the country had the largest number of poor people in the world.
The former President also rejected the argument that Tinubu needed more time to complete his reforms, saying he did not see the economy improving.
He said the programmes Tinubu had put in place were “not in the best interest of Nigerians,” adding, “Nobody can deny that.”
On the petrol subsidy, the former President said fuel affected “everybody and everything,” but argued that a lot of what Nigeria called subsidy was corruption and should be tackled first.
He said a country in a very bad economic situation must “curb corruption, wastefulness and unnecessary luxury and produce.”
