86 million Nigerians were living in multidimensional poverty by the time Obasanjo left office in 2007
By Moses Okorie
The Democratic Front (TDF) has criticised former President Olusegun Obasanjo over his remarks that President Bola Tinubu’s economic reforms have pushed more Nigerians into poverty, describing the comments as hypocritical and politically motivated.
Obasanjo reportedly made the remarks at the Financial Times Africa Summit 2026 in London, where he expressed concerns about the impact of the current administration’s economic policies on Nigerians.
However, in a statement signed by its Chairman, Mallam Danjuma Muhammad, and Secretary, Chief Wale Adedayo, TDF accused the former president of overlooking the economic challenges associated with his administration’s policies between 1999 and 2007.
The group alleged that Obasanjo’s foreign exchange management policies, including multiple exchange rate windows and efforts to defend the naira, contributed to the depletion of foreign reserves, discouraged local production and increased economic hardship.
It also faulted his administration’s privatisation programme, arguing that the disposal of state-owned enterprises resulted in job losses and increased Nigeria’s dependence on imported goods.
TDF further claimed that 86 million Nigerians were living in multidimensional poverty by the time Obasanjo left office in 2007, attributing the situation partly to what it described as poor fiscal and monetary policy decisions.
Defending Tinubu’s economic policies, the group maintained that allowing the naira to reflect its market value was necessary to address longstanding distortions in the foreign exchange market.
It also highlighted government interventions, including wage and pension increases, settlement of pension arrears, student loans, consumer credit facilities, support for small businesses and cash transfers to vulnerable households, as measures aimed at reducing poverty.
The group further argued that the initiatives introduced by the Tinubu administration were more impactful than the National Poverty Eradication Programme (NAPEP), established under Obasanjo in 2001.
TDF urged Nigerians to disregard the former president’s criticism, alleging that his comments were intended to advance the political interests of his preferred candidate ahead of the forthcoming presidential election.