TDF Accuses Obasanjo Of Fueling Poverty Through Forex Policies, Defends Tinubu’s Economic Reforms

The Democratic Front (TDF) has accused former President Olusegun Obasanjo of contributing to widespread poverty in Nigeria through his administration’s foreign exchange and economic policies, following his criticism of President Bola Tinubu’s economic reforms.

The group described Obasanjo’s remarks at the Financial Times Africa Summit 2026 in London as regrettable, arguing that his administration’s decision to use the nation’s foreign reserves to defend the naira undermined investment in critical infrastructure and weakened local production.

In a statement jointly signed by its Chairman, Mallam Danjuma Muhammad, and Secretary, Chief Wale Adedayo, TDF alleged that Obasanjo’s foreign exchange policies contributed to the depletion of Nigeria’s reserves, encouraged currency arbitrage and worsened the country’s economic challenges.

The group further accused the former president of operating multiple foreign exchange windows that allegedly encouraged round tripping of subsidised dollars at the expense of productive sectors of the economy.

TDF also faulted Obasanjo’s privatisation programme, claiming that the sale of state owned enterprises contributed to job losses and increased Nigeria’s dependence on imported goods.

It argued that the former president’s economic policies, including currency and petroleum subsidies, failed to generate sufficient economic growth or keep pace with the country’s population.

The group specifically disputed Obasanjo’s claim that Tinubu’s economic reforms had worsened poverty, insisting that the current administration’s policies were aimed at allowing the naira to reflect market realities.

TDF also highlighted the Tinubu administration’s interventions, including wage and pension increases, the settlement of pension arrears, student loans, consumer credit facilities, support for small businesses and cash transfers to vulnerable Nigerians.

According to the group, these measures represent efforts to address poverty and improve economic opportunities, adding that the former president should acknowledge the economic challenges associated with his own administration.

TDF urged Nigerians to disregard what it described as politically motivated criticism of Tinubu’s reforms, alleging that Obasanjo’s comments were intended to advance the interests of his preferred candidate ahead of the next presidential election.