Former President Chief Olusegun Obasanjo has criticized President Bola Tinubu's economic reforms, saying they have made Nigerians poorer.
Speaking at the Financial Times Africa Summit in London on Thursday, Obasanjo said Tinubu's reforms and naira devaluation from N500 per dollar to N1500 per dollar has made every Nigerian 300% poorer in dollar terms.
Obasanjo said before Tinubu came to power in 2023, N500 was one dollar, but now N1500 is one dollar. This means Nigerian salaries now buy less. He said fuel subsidy removal without proper planning also caused hardship.
He said while reforms were needed, the way Tinubu implemented them caused inflation and hunger. He said food prices have tripled and many Nigerians cannot afford to eat well.
The Presidency has not yet responded to Obasanjo's comments. But Tinubu's supporters say the reforms were necessary to save Nigeria from economic collapse and that things will get better in the long run.
Many Nigerians agree with Obasanjo that life is harder now. A bag of rice that was N30,000 in 2023 is now N90,000. Petrol that was N200 is now N1,429 in some places.
Obasanjo is known for criticizing sitting presidents. He also criticized Buhari and Jonathan before.
Do you agree with Obasanjo that Tinubu's reforms made Nigerians poorer?
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