Former President [Olusegun Obasanjo](https://en.wikipedia.org/wiki/Olusegun_Obasanjo) accused President Bola Tinubu’s administration of making every Nigerian 300 percent poorer after the naira’s sharp devaluation, speaking at the Financial Times Africa Summit 2026 in London on 21 October.
**What was the alleged impact of the currency move?**
Obasanjo said the naira fell from roughly N500 per US dollar to about N1,500 per dollar, a three‑fold loss in value. He argued that this single change “made every Nigerian poor by 300 percent” and labelled the country the “poverty capital of the world.”
**What did Obasanjo say about Tinubu’s reform timeline?**
He dismissed the claim that the president needed more time to implement reforms, stating, “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?”
**How did he describe the current economic policies?**
Obasanjo asserted that Tinubu’s policies are “not in the best interest of Nigerians. Nobody can deny that.” He also criticized the petrol subsidy, noting that fuel prices affect “everybody and everything,” but argued that much of what is called a subsidy is actually corruption that must be addressed first.
**Background on the devaluation**
The naira’s slide to N1,500 per dollar represents a 200 percent increase in the exchange rate, effectively eroding purchasing power for households across the federation. Critics say the move reflects broader macro‑economic challenges, including low foreign exchange inflows and high fiscal deficits.
**Why the strong reaction now?**
Obasanjo’s remarks came during a high‑profile gathering of African business leaders and policymakers, giving his criticism a wider audience. The former president’s comments echo long‑standing concerns among opposition figures about the Tinubu government’s handling of inflation, subsidy reforms, and overall economic stability.
**What are the next steps?**
While Obasanjo called for a reassessment of the current policies, he did not outline a specific alternative plan. The Tinubu administration has previously indicated a willingness to review subsidy structures and pursue fiscal consolidation, but concrete measures remain to be announced.
The debate over the naira’s value and the broader economic direction of Nigeria is likely to intensify as the country approaches the next fiscal year, with both domestic and international observers watching closely.