Former President Olusegun Obasanjo has sharply criticized President Bola Tinubu for his economic reforms, asserting that the recent devaluation of the naira has plunged Nigerians into deeper poverty. Speaking at the Financial Times Africa Summit 2026 in London, Obasanjo declared that the naira's value had been slashed by 300 percent, effectively turning Nigeria into the "poverty capital of the world."

Obasanjo's remarks come in the wake of significant currency fluctuations, where the naira plummeted from approximately N500 to a dollar to around N1,500 to a dollar. He emphasized that this drastic devaluation has impoverished every Nigerian by a staggering 300 percent. "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 percent," he stated.

The former president expressed his discontent with Tinubu's administration, arguing that the economic situation is not improving despite claims of ongoing reforms. "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?" Obasanjo questioned, highlighting his belief that the current policies are detrimental to the populace.

Obasanjo also addressed the controversial issue of fuel subsidies, stating that while fuel prices affect everyone, much of what is termed a subsidy is rooted in corruption. He urged the government to tackle corruption and wastefulness as a priority, suggesting that these issues must be resolved for Nigeria to recover economically.

The naira's decline has been a significant concern since the Central Bank of Nigeria unified exchange-rate windows on June 14, 2023. Prior to this, the official exchange rate was about N460.8 to the dollar. The naira's value has continued to fluctuate, with reports indicating it fell to around N1,333.54 on October 19 and reached a low of N1,607.05 in early May 2025.

In September, the National Bureau of Statistics reported that headline inflation stood at 14.63 percent, a decrease from 20.98 percent the previous year, though food inflation remained high at 19.59 percent. Meanwhile, the Minister of Finance, Taiwo Oyedele, noted that subsidy removal had saved the country N15.8 trillion between June 2023 and December 2025.

Despite Obasanjo's strong criticisms, efforts to obtain a response from the presidency were unsuccessful, as the Special Adviser to the President on Information and Strategy, Bayo Onanuga, could not be reached for comment.