Tinubu reforms and poverty are back in focus as Obasanjo blames naira devaluation for worsening hardship among Nigerians.
Obasanjo don’t even try hide his feelings — he blast Tinubu economic reforms well well, saying the way naira take fall don only make life harder for the average Nigerian.
He talk this for London on Wednesday, during one keynote interview for the Financial Times Africa Summit 2026, and he no hold back at all on questioning the government currency policy.
The man point out say Nigeria no dey live alone — we still dey deal with the rest of the world — so when you suddenly allow naira fall like that, ordinary people go feel am sharp sharp. He say the exchange rate move from about ₦500 to one dollar come reach around ₦1,500, a drop he describe as roughly 300 percent.
“We do not live in isolation as a country,” he talk. “We interact with the rest of the world. And overnight, you devalue the currency by 300 percent. The naira went from N500 to a dollar to N1,500 to a dollar.”
According to him, that kind of fall didn’t just change numbers on paper — it hit people directly in their pockets. He argued that every Nigerian was effectively made poorer by about 300 percent because of it, and that this is exactly what pushed Nigeria into being called the poverty capital of the world, with the largest number of poor people anywhere.
“What that meant was that every Nigerian is made poor by 300 percent,” Obasanjo said. “That made Nigeria to become the poverty capital of the world, which means Nigeria has the largest number of poor people in the world.”
Tinubu reforms
He flatly rejected the idea that anyone could call this policy good for the country. “You cannot say to me that that is good for Nigeria,” he insisted. “You cannot say to me that that is good for us in any sense.” Tinubu reforms
This is just more pressure adding up against Tinubu’s economic moves, especially the shift to a more market-driven exchange rate, which has clearly contributed to the naira’s sharp adjustment. Tinubu reforms
Households that were already struggling have felt this directly — through costlier imported goods and basic items — as inflation keeps tightening the grip on already thin budgets. Now, when Obasanjo talks about Nigeria becoming the poverty capital of the world, that claim comes from his criticism of the naira’s collapse, but it’s important to point out that currency devaluation alone doesn’t explain the country’s poverty levels. Tinubu reforms
Income levels, inflation, unemployment and several other economic realities all contribute too. So even though the naira crash has clearly added to the pain, it’s only one part of a much bigger hardship story playing out across the country.
Meanwhile; Former Vice-President Atiku Abubakar has questioned the whereabouts of the ₦10 billion reportedly approved by President Bola Tinubu for Ebola preparedness, accusing the Federal Government of failing to adequately prepare for and respond to the outbreak following the reported confirmation of a case in Abuja. Tinubu reforms
Atiku also raised concerns over the timeline of the patient’s treatment, the monitoring of close contacts, the protection of frontline health workers and the role of political appointees in the government’s response. Tinubu reforms
The former vice-president further alleged that the Tinubu administration could use the Ebola outbreak to discourage Nigerians from attending political campaign rallies and participating in elections. Tinubu reforms
Atiku’s position was contained in a statement issued on Wednesday, October 21, 2026, by Phrank Shaibu, Director of Strategic Communication of the African Democratic Congress (ADC) Presidential Campaign Council.
Titled “Bola and Ebola: Where Did the ₦10 Billion Go?”, the statement called on the Federal Government to account for the funds allegedly approved for emergency preparedness and disclose how the money was spent. Continue reading here
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