₦airaland Forum

Former President Olusegun Obasanjo on Wednesday expressed pessimism about Nigeria’s economic outlook under President Bola Tinubu, saying he sees no indication that the country’s economic situation is improving.

Obasanjo also questioned the ratio­nale for seeking a second term for Tinu­bu to consolidate his economic policies, arguing that the reforms had impover­ished Nigerians and had not served their best interests.

The former president spoke during a keynote interview at the ongoing Fi­nancial Times Africa Summit 2026 in London, United Kingdom, where he criticised the administration’s handling of the economy, particu­larly the devaluation of the naira and the removal of petrol subsidy.

Reacting to the sharp depreciation of the naira, Obasanjo said the policy had significantly reduced the pur­chasing power of Nigerians and contributed to the coun­try’s position as the poverty capital of the world.

“We do not live in isola­tion as a country. 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. What that meant was that every Nigerian is made poor by 300 percent. That made Ni­geria to 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.

On the removal of petrol subsidy, Obasanjo argued that corruption accounted for a substantial part of the cost of maintaining the sub­sidy regime, insisting that tackling corruption could re­duce the amount of subsidy required.

“Petrol and petroleum products affect everybody and everything. Now, what we call subsidy for petroleum products in Nigeria, a lot of it is corruption. And I believe that if we pay attention to cor­ruption and deal with corrup­tion, then what will remain of subsidy will be very little. If we take care of corruption in the system, I believe that the subsidy that we will need will be much more less,” he said.

When asked whether Tinu­bu deserved a second term to see his policies through and consolidate on their gains, the former president chal­lenged the premise of the question.

“What policies are you seeing through? You impov­erish your people and you want to see impoverishment through? What are you seeing through?” Obasanjo asked.

Obasanjo also compared Nigeria’s economic perfor­mance with that of Ghana, citing the movement of the Ghanaian cedi against the United States dollar as an ex­ample of a different economic trajectory.

“Now compare the situa­tion in Nigeria with Ghana. I understand that the present president of Ghana took over when cedi was 16 cedis to a dollar. Within six months, he took it to 10 cedis to the dol­lar. You can see the difference. What do you say to that?” he said.

He added that Ghanaian cocoa farmers had reported­ly appealed to their president over the decline in the price they received for their pro­duce, prompting a slowdown in the currency’s appreciation.

“In fact the cocoa farmers went to beg him and say the price we are getting for co­coa is getting a bit less. Slow down, now it has now gone to 11.5 cedis to the dollar,” Obasanjo said.

Asked whether he would support Tinubu for a second term, the former president said his criticism was direct­ed at the administration’s economic policies rather than the president’s position in office.

“Don’t bring it that way. Now he has become presi­dent before he started doing what he is doing. What he is doing wrong and what I am saying is the economic pro­grammes that he has put in place, they are not been in the best interest of Nigerians. Pure and simple. Nobody can deny that,” he said.

He added: “If Nigeria af­ter he took over has become the capital of poverty of the world, then that says some­thing.”

Obasanjo, however, reject­ed suggestions that his criti­cism of Tinubu meant he con­sidered the administration of former President Muhamma­du Buhari successful.

“I did not say Buhari did well either. If you read my book about Buhari, I wasn’t polite. I said Buhari does not understand economics and he does not understand for­eign affairs. And I was proved right,” he said.

The former president urged attention to remain on the economic and social welfare of Nigerians rather than the personalities of oth­er presidential contenders.

“For now we are not talking about the other presidential candidates. Let us talk about economics and social interest in Nigeria and then the situa­tion in Africa,” he said.

Asked whether he saw any sign of hope for the Nigerian economy, Obasanjo said he remained unconvinced that conditions would improve under the current trajectory.

“What will get better? For the economy, I don’t see any­thing getting better,” he said.

He identified tackling cor­ruption, wastefulness and excessive spending, alongside increased domestic produc­tion as essential measures for improving the country’s economic prospects.

“If you are in a very bad economic situation. Two things among others to me are very important. You must curb corruption, wasteful­ness and unnecessary luxury. So, you must be very careful how you spend money. You shouldn’t be spending money like a drunken sailor. Num­ber two, you must produce,” Obasanjo said.

https://independent.ng/economy-not-improving-under-tinubu-obasanjo/

Tinubu just de collect de go. His reforms didn’t get to the masses, the blame is real!

The garrulous boys from Lagos are overrated. They thought they knew it all but are now getting exposed before our very eyes. A year from now, they will attempt to claim credits when the incoming government begins to fix their mess. Same thing they did to Fashola.

OBJ needs to update his PRESCRIPTION GLASSES.

Namaster:
OBJ needs to update his PRESCRIPTION GLASSES.

Poor man wey dey advice rich man

This is not even about what Obasanjo say, infact from where OBasanjo sit he is not seeing the true level of hardship Nigerians are facing Now

Some Tinubu supporters will jump him here now nd clain OBJ is a thief, he looted Nigeria empty But does it negate the Message

what has gotten better under Tinubu, is it electricity, security, infrastructure, health welfare Bring it out lets compare to what PDP achieved

under Jonathan the highest % of our revenue to service debt is 35% ...today we use 124% of revenue

it poverty rate, or Debt level at 90.9% increase under 3yrs .. this one no be obsanjo say Na our true reality now

Pápá Obasanjo should campaigns for his candidate Peter OBI in peace and let us hear words

Is it under the demented Peter Obi who increased poverty in Anambra while marketing his beer brand to accelerate drunkenness and liver damage in the society, that things would improve?

LagosOrigin:
Poor man wey dey advice rich man

Everything just has to be about wealth or money from that side. Wealthy or rich men are infallible in your stateside.

Basic123:
Pápá Obasanjo should campaigns for his candidate Peter OBI in peace and let us hear words

Tinubu wouldn't mind to empty the whole Lagos account to have obasanjo campaign for him but obasanjo no rate tinubu at all .

It will never get better the way it is going

I bet anybody reading my message this today that most of Tinubu's supporters from the western Nigeria will CURSE him with everything they have if he eventually win the 2027 election ( God forbid).

How did I know that things will never get better under Tinubu.


1) Ask them when things will start improving?


No answer.


2) Ask them to mention any leader who reformed his economy and also lavish money on expensive health care overseas travels and buying new private jet and official vehicles?


No answer.



Tinubu will never surprise me, just like Buhari, both will be confirm failures in government positions.



😂😂😂

Namaster:
OBJ needs to update his PRESCRIPTION GLASSES.

What baba Obasanjo's sees while sitting down, you and your likes can't see it climbing on iroko tree.

Obasanjo from 2007 up till date you never see anything good from any president of Nigeria. You are still suffering from third term defeat

OBJ has nothing to gain at his age telling lies rather he chose truth and posterity will record that in time to come.

Baba, we all know this, including PBAT himself.

Ezewuzie01:
Is it under the demented Peter Obi who increased poverty in Anambra while marketing his beer brand to accelerate drunkenness and liver damage in the society, that things would improve?

Your claim that a state governor incresse poverty rate not concrete .. because the determinant of Poverty rate is FG policies

National cost & standard of living overrides state policies.

if subsidy is back today cost of transport and foodstuff will drop regardless of solution policy in Abambra, he cant stop the relief

Obasanjo always wants to be the messiah.

zoghys:
What baba Obasanjo's sees while sitting down, you and your likes can't see it climbing on iroko tree.

Is it safe to conclude that, in economic reforms, what Obasanjo sees while sitting down, none of the following experts/ global financial institutions can see it:
1. Ngozi Okonjo-Iweala
2. Emir Sanusi Lamido Sanusi
3. Prof. Chukwuma Soludo
4. Akinwunmi Adesina
5. Anna Bjerde ( World Bank MD)
6. World Bank
7. International Monetary Fund
8. S & P Ratings
9. Fitch’s Ratings
10. Moody’s Ratings
If all the above-named financial experts/ institutions have given Tinubu’s economic reforms a clean bill of health, but Obasanjo and the opposition refuse to see the light at the end of the tunnel, then the train has already left the station.

Adblg0610:
Is it safe to conclude that, in economic reforms, what Obasanjo sees while sitting down, none of the following experts/ global financial institutions can see it:
1. Ngozi Okonjo-Iweala
2. Emir Sanusi Lamido Sanusi
3. Prof. Chukwuma Soludo
4. Akinwunmi Adesina
5. Anna Bjerde ( World Bank MD)
6. World Bank
7. International Monetary Fund
8. S & P Ratings
9. Fitch’s Ratings
10. Moody’s Ratings
If all the above-named financial experts/ institutions have given Tinubu’s economic reforms a clean bill of health, but Obasanjo and the opposition refuse to see the light at the end of the tunnel, then the train has already left the station.

Trying to explain to a delusional textbook economist is plain waste of time. Let the people speak come January