Former President Olusegun Obasanjo has sharply criticized President Bola Tinubu’s economic reforms, accusing the administration of impoverishing Nigerians by 300 per cent. The former head of state directed the comments specifically at the government's decision to devalue the naira, a move he argues has severely eroded the purchasing power of ordinary citizens.
In his statement, Obasanjo used the phrase "you impoverished Nigerians" to describe the current state of the populace, suggesting that the recent monetary policy shifts have had a devastating impact on household finances. The former president’s remarks highlight a growing divide between the current administration’s economic strategy and its critics, who view the devaluation as a primary driver of rising inflation and cost of living.
The naira devaluation was implemented as part of broader structural reforms aimed at stabilizing the currency and attracting foreign investment. However, the policy has been met with significant backlash from opposition figures and former leaders who contend that the benefits of these reforms are not reaching the average Nigerian. Obasanjo’s intervention adds a high-profile voice to the ongoing debate over the social cost of the government’s economic agenda.
As Nigeria continues to navigate complex economic challenges, the tension between fiscal consolidation and social welfare remains a central issue in the national discourse. Obasanjo’s critique underscores the political sensitivity surrounding the Tinubu administration’s approach to managing the country's financial stability amidst global economic headwinds.
<small>Source: Punch Nigeria — read the original story there.</small>
