Former President Olusegun Obasanjo has questioned the economic gains of President Bola Tinubu’s administration, arguing that the steep loss in the naira’s value has left Nigerians with substantially less purchasing power.

Speaking at the 2026 Financial Times Africa Summit in London on Wednesday, Obasanjo cited the exchange rate’s movement from roughly N500 to the dollar to about N1,500 as an example of the economic pressure facing the country, according to Daily Trust.

He argued that the scale of the currency’s depreciation had reduced the financial capacity of Nigerians, linking the development to the country’s high poverty burden. Obasanjo maintained that the outcome did not amount to an improvement in the welfare of citizens.

The former president’s criticism comes amid the economic adjustments introduced by Tinubu after assuming office in May 2023. His administration ended the petrol subsidy regime and subsequently changed the foreign exchange framework to allow greater market determination of the naira’s value.

The policy changes were designed to correct distortions in the foreign exchange market and improve conditions for investment. However, the weakening currency, coupled with rising prices of food, fuel, transport and imported products, has increased living expenses for households and operating costs for businesses.