YOU IMPOVERISHED NIGERIANS, OBASANJO ATTACKS TINUBU’S REFORMS

Former President Olusegun Obasanjo has criticised President Bola Tinubu’s economic reforms, arguing that the sharp decline in the naira’s value has worsened hardship for Nigerians.

Speaking at the Financial Times Africa Summit in London, Obasanjo questioned whether the administration’s policies were improving ordinary people’s lives.

He pointed to the movement from around ₦500 to ₦1,500 per dollar as an illustration of the currency’s weakened position and its effect on purchasing power.

Obasanjo also rejected the argument that the government simply needed more time to complete its reforms, saying he had not seen convincing improvements in living conditions.

On petrol subsidy removal, the former president argued that corruption within the subsidy system should have been addressed, given fuel’s importance to households and businesses.

He called for greater attention to reducing corruption, waste and unnecessary government spending while increasing production.

Tinubu’s administration introduced petrol subsidy removal and foreign exchange reforms in 2023, presenting them as measures to address longstanding economic problems.

Obasanjo’s criticism centres on their implementation and consequences for citizens. His claims about their impact represent his assessment of the administration’s economic record.