Obasanjo: Tinubu turned Nigeria into world’s poverty headquarters with naira devaluation

Former President Olusegun Obasanjo has accused President Bola Tinubu of turning Nigeria into the world’s poverty capital through the sharp devaluation of the naira and other economic policies.

According to Peoples Gazette, Obasanjo made the remarks on Wednesday at the Financial Times Africa Summit 2026 in London, United Kingdom.

He argued that the naira’s depreciation from N500 to N1,500 against the dollar had significantly impoverished Nigerians.

“What that meant was that every Nigerian is made poor by 300 per cent. That made Nigeria become the poverty capital of the world, which means Nigeria has the largest number of poor people in the world. 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.

Tinubu’s administration introduced foreign exchange reforms in 2023 to attract investment and improve market efficiency.

However, the reforms coincided with rising inflation and worsening living costs nationwide.