Tinubu made Nigeria world’s poverty headquarters through naira devaluation — Obasanjo

Former President Olusegun Obasanjo has accused President Bola Tinubu of worsening poverty in Nigeria through his administration’s economic reforms, particularly the sharp devaluation of the naira.

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

“We do not live in isolation as a country. We interact with the rest of the world. And overnight, you devalued the currency by 300 per cent. The naira went from N500 to a dollar to N1,500 to a dollar.

“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.”

Obasanjo criticised the resulting economic hardship, questioning the benefits of the policies.

Tinubu’s administration introduced foreign exchange reforms and removed petrol subsidies in 2023, citing economic stability and investment.