Politics

Obasanjo Blames Tinubu’s Economic Policies for Rising Poverty

Published

2 hours ago

October 22, 2026

Former President Olusegun Obasanjo

Obasanjo Blames Tinubu’s Economic Policies for Rising Poverty

Former President Olusegun Obasanjo has criticised President Bola Ahmed Tinubu’s economic reforms, saying the sharp depreciation of the naira has reduced Nigerians’ purchasing power and worsened poverty across the country.

Obasanjo made the remarks on Wednesday, October 21, 2026, during the Financial Times Africa Summit in London, United Kingdom, where he questioned the economic consequences of the administration’s policies, particularly its foreign exchange reforms and the removal of the petrol subsidy.

The former president argued that the naira’s decline against the United States dollar had significantly weakened the financial position of Nigerian households, making it more difficult for citizens to afford essential goods and services.

He said the exchange rate had moved from approximately ₦500 to the dollar to about ₦1,500, a development he described as a major loss in the value of Nigerians’ money.

“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,” Obasanjo said.

He added that the depreciation had made Nigerians poorer and contributed to the country’s severe poverty challenge.

“What that meant was that every Nigerian is made poor by 300 percent. That made Nigeria become the poverty capital of the world, which means Nigeria has the largest number of poor people in the world,” he said.

Obasanjo questioned the benefits of the currency adjustment, insisting that a policy that substantially eroded citizens’ purchasing power could not be considered beneficial to the country without examining its consequences for ordinary people.

“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 added.

The former president’s comments have added to the ongoing debate over the impact of the Tinubu administration’s economic reforms on inflation, living standards, business costs and poverty.

Tinubu announced the removal of the petrol subsidy shortly after assuming office in May 2023. His administration subsequently introduced foreign exchange reforms that allowed the naira to trade more freely against other currencies.

Obasanjo questions Tinubu’s second-term bid

Obasanjo also questioned the argument that Tinubu should be given a second term to consolidate his economic reforms, asking what specific policies were being sustained if the outcome was greater hardship for citizens.

He criticised the suggestion that Nigerians should continue to endure the consequences of the reforms without clearer evidence that their living conditions were improving.

The former president maintained that his criticism was directed at the administration’s economic policies and their impact on the public.

He also expressed doubts about the direction of the economy, saying he could not identify clear signs that conditions were improving for Nigerians.

Calls for production and anti-corruption measures

Despite his criticism, Obasanjo outlined measures he believes could help improve Nigeria’s economic prospects, identifying corruption, wasteful spending and unnecessary luxury as areas requiring urgent attention.

He argued that public resources must be managed more responsibly, while government expenditure should be directed towards priorities capable of improving citizens’ welfare.

Obasanjo also stressed the need to strengthen domestic production, saying Nigeria must produce more goods and services rather than depend heavily on imports.

His recommendations centred on reducing corruption, curbing waste and increasing productivity as part of a broader strategy to improve the economy.

The former president also referred to Ghana’s currency performance as a point of comparison, arguing that developments in the neighbouring West African country raised questions about Nigeria’s economic management.

However, exchange-rate movements alone do not provide a complete measure of economic performance, as inflation, export earnings, foreign reserves, productivity and other factors also influence a country’s financial position.

Tinubu, in his Independence Day address on October 1, 2026, defended his administration’s reforms, describing them as difficult but necessary measures to address longstanding weaknesses in the economy. He argued that the government was moving from economic adjustment towards broader prosperity.

The disagreement between the two leaders reflects the wider national debate over whether the reforms will eventually deliver improved living standards or whether changes to their implementation are needed to reduce the burden on households.

As Nigerians continue to contend with the cost of living, the central question remains whether economic growth, currency stability and government revenue gains can translate into affordable food, transportation, housing and other basic necessities.

Obasanjo Blames Tinubu’s Economic Policies for Rising Poverty

Related Topics:Featured Obasanjo Rising Poverty Tinubu

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‘People Are Hungry’ Is Not a Manifesto, Nya-Etok Tells Atiku, Obi

Politics

‘People Are Hungry’ Is Not a Manifesto, Nya-Etok Tells Atiku, Obi

Published

2 hours ago

October 22, 2026

Trends Admin

Atiku Abubakar, Peter Obi

‘People Are Hungry’ Is Not a Manifesto, Nya-Etok Tells Atiku, Obi

The Executive Director of the Federal Housing Authority, Arch. Ezekiel Nya-Etok, has challenged former Vice-President Atiku Abubakar and former Anambra State Governor Peter Obi to present concrete policy proposals for tackling hunger and economic hardship, insisting that describing Nigerians as hungry is not a solution.

Nya-Etok, who made the remarks during an interaction with journalists in Uyo, Akwa Ibom State, said politicians seeking to lead Nigeria must explain how they intend to address the country’s challenges rather than merely highlighting the suffering of citizens.

According to a report by National Witness published on October 20, 2026, the housing agency executive argued that acknowledging hunger and hardship was only a description of the situation, not a practical plan for resolving it.

“People are hungry is a situation report and not a solution,” he said, urging opposition politicians to explain how their proposed policies would improve the lives of Nigerians.

He added that political parties and candidates should provide clear explanations of their plans, including how they intend to implement their promises and achieve their economic objectives.

The comments come as political activities gather momentum ahead of the 2027 presidential election, with candidates and political parties increasingly debating the economy, poverty, insecurity and the cost of living.

Nya-Etok defends Tinubu’s economic reforms

The Federal Housing Authority executive also defended the Tinubu administration, arguing that increased revenue allocations to state governments had helped them meet financial obligations, including the payment of salaries, pensions and gratuities.

He maintained that reversing the removal of the petrol subsidy would return Nigeria to a period when many state governments struggled to meet their financial responsibilities.

Nya-Etok also expressed support for Tinubu’s re-election bid, predicting that the president would secure victory in 2027.

He argued that the current political situation offered the incumbent an advantage, while expressing concerns about the implications of a possible return to power by Atiku.

He also questioned the expectations surrounding Obi’s presidential ambition, arguing that the demands placed on an Obi-led administration could prove difficult to meet within a four-year term.

On corruption, Nya-Etok expressed scepticism about promises to eliminate the practice, arguing that addressing it would require confronting deeper problems within Nigerian society and governance.

His comments add to the growing political debate over whether the country’s next administration should prioritise reversing existing economic policies, introducing targeted relief measures or pursuing alternative strategies to increase production, create jobs and reduce poverty.

With the 2027 election approaching, the debate is likely to place greater emphasis on the economic proposals of presidential candidates, their funding arrangements and the practical steps they intend to take to improve the living conditions of Nigerians.

‘People Are Hungry’ Is Not a Manifesto, Nya-Etok Tells Atiku, Obi

Politics

Tinubu’s Second-Term Denial Could Trigger Political Crisis, Ex-NAHCON Chairman Warns

Published

11 hours ago

October 22, 2026

Trends Admin

Chairman and Chief Executive Officer of the National Hajj Commission of Nigeria (NAHCON), Professor Abdullahi Saleh Usman

Ex - National Hajj Commission of Nigeria (NAHCON), Sheikh Abdullahi Saleh

Tinubu’s Second-Term Denial Could Trigger Political Crisis, Ex-NAHCON Chairman Warns

Former Hajj commission chairman urges fairness in power rotation, cites security gains and lower food prices

The immediate past chairman of the National Hajj Commission of Nigeria (NAHCON), Sheikh Abdullahi Saleh Pakistan, has warned that denying President Bola Ahmed Tinubu a second term in office could plunge Nigeria into a political crisis.

Pakistan said allowing Tinubu to complete two terms, as former President Muhammadu Buhari did, would help sustain the informal understanding of power rotation between the North and South and prevent future political tensions.

The former NAHCON chairman made the remarks while addressing youth groups at his residence in Kano, where he argued that political leaders should not be rejected primarily because of their regional origins.

He warned that attempts to deny Tinubu re-election on such grounds could create a dangerous precedent for future presidential contests, particularly for northern politicians seeking to serve two terms.

“We have to be fair to Tinubu. The type of politics we are playing where we reject somebody because of the region he came from is dangerous. If we sustain this, we will suffer in the future,” he said.

Pakistan recalled Tinubu’s support for Buhari’s second-term ambition, arguing that the former Lagos State governor had stood by the late president and insisted that he should complete his two terms despite concerns about his health.

According to him, it would be unfair for political actors to oppose Tinubu’s second-term bid after Buhari, who came from the North, was allowed to serve eight years.

He warned that denying a southern president the opportunity to complete two terms could undermine the informal power-sharing arrangement between the two regions.

“The way Tinubu supported late Muhammadu Buhari and insisted that he completed his two terms, even though he was ill, and now some people are working hard to deny Tinubu a second term, we will fling the country into a political crisis in the future. Nobody will allow any northerner to take two terms,” he said.

The former NAHCON chairman’s position comes amid growing political discussions over zoning, regional representation and the 2027 presidential election.

Although Nigeria’s Constitution does not require presidential power to rotate between the North and South, the practice has remained an important political consideration in the country’s party negotiations and presidential contests.

However, the decision on who becomes president ultimately rests with the electorate through the constitutional electoral process.

Pakistan also defended the Tinubu administration’s handling of insecurity, arguing that the president inherited significant security challenges from previous administrations.

He identified the Boko Haram insurgency and banditry as major problems confronting the country, claiming that the former began before Buhari assumed office, while banditry expanded during the latter’s administration.

The cleric argued that the security situation should be assessed in the context of the challenges inherited by the Tinubu government rather than being used solely as a political weapon against the president.

He particularly cited the Abuja-Kaduna highway, which experienced serious security concerns during Buhari’s administration, as an example of what he described as an improvement under Tinubu.

“Up to the time Buhari finished his second term in office, a journey from Abuja to Kaduna was suicidal. You only heaved a sigh of relief when you arrived in Kaduna. But now you can leave Abuja at 12am and arrive at Kaduna safely. It means there is an improvement,” Pakistan said.

He also recalled attacks on the Abuja-Kaduna railway, which heightened fears among passengers and disrupted confidence in train travel along the route.

According to him, the security situation has improved compared with the period when kidnappers and armed groups posed serious threats to travellers.

His assessment, however, represents his own view of the security situation, and the extent of any improvement would require a broader examination of security incidents and official data across affected locations.

On the economy, Pakistan argued that the prices of some food commodities had declined under the Tinubu administration, citing rice and millet as examples.

He claimed that a bag of rice, which he said sold for about ₦120,000 under Buhari, now cost approximately ₦57,500.

“Under Buhari, a bag of rice sold for ₦120,000, but today it is ₦57,500. It is less than half the amount under Tinubu,” he said.

The former commission chairman, who identified himself as a farmer, also compared millet prices, saying he sold a bag for about ₦85,000 under Buhari, while the commodity now sells for approximately ₦30,000.

The figures were cited by Pakistan to support his argument that the current administration had recorded improvements in some areas of the economy.

However, food prices vary by location, quality, season and market conditions. The figures he provided were not accompanied by details establishing a uniform nationwide price decline, and they should be understood as his personal comparison rather than a comprehensive assessment of the cost of living.

Nigeria’s economic conditions, including food affordability, inflation and household purchasing power, remain important issues in the debate over the performance of the Tinubu administration.

Pakistan maintained that political disagreements over the president’s re-election should not be driven by regional considerations, warning that the consequences could extend beyond the 2027 election.

He urged Nigerians to consider the long-term implications of their political decisions, arguing that fairness in the treatment of political leaders was necessary to preserve stability and confidence in the country’s power-sharing arrangements.

His comments add to the ongoing debate over Tinubu’s second-term ambition, with supporters emphasising continuity and regional balance, while political opponents continue to assess the administration’s performance and prospects ahead of the next general election.

Whether Tinubu secures another term will ultimately be determined by the electoral process and the decisions of Nigerian voters.

Tinubu’s Second-Term Denial Could Trigger Political Crisis, Ex-NAHCON Chairman Warns

Politics

Adamawa Political Shake-Up: 21 Council Chairmen, 226 Councillors Dump PDP for APC

Published

2 days ago

October 20, 2026

Trends Admin

Adamawa Political Shake-Up: 21 Council Chairmen, 226 Councillors Dump PDP for APC

YOLA, Adamawa State — The Peoples Democratic Party (PDP) has suffered a major political setback in Adamawa State as all 21 elected local government chairmen and 226 councillors have defected to the ruling All Progressives Congress (APC).

The mass defection, which became public on Tuesday, October 20, 2026, followed the submission of resignation letters by the council chairmen to their respective PDP ward chairpersons.

The development comes months after Governor Ahmadu Umaru Fintiri left the PDP for the APC, triggering a political realignment across the state.

The Adamawa State APC Publicity Secretary, Victor Dogo, confirmed the defections, saying all 21 local government chairmen, area development administrators and 226 councillors had joined the ruling party.

According to Dogo, the council officials decided to align with Fintiri, whom he described as their political benefactor.

He said the defectors believed they could better align their political activities with the governor by joining the same party.

Several council chairmen explained their decisions in resignation letters dated Monday, October 19, 2026, citing personal considerations and consultations with their families, political associates and other stakeholders.

The chairman of Yola North Local Government Area, Jibril Jimeta, said he had decided to pursue a different political path, while expressing appreciation to the PDP for the opportunities and relationships he developed during his membership of the party.