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By Stella Odueme
The Democratic Front (TDF) has faulted former President Olusegun Obasanjo over his criticism of President Bola Tinubu’s economic reforms, accusing the former leader of contributing to widespread poverty through his foreign exchange and monetary policies.
The group said Obasanjo's remarks at the Financial Times Africa Summit 2026 in London, where he reportedly blamed Tinubu's policies for worsening poverty in Nigeria, were regrettable and failed to reflect the economic challenges during his administration.
In a statement signed by its Chairman, Mallam Danjuma Muhammad, and Secretary, Chief Wale Adedayo, TDF alleged that the Obasanjo administration depleted the country's foreign reserves by using foreign exchange to defend the naira instead of investing adequately in critical infrastructure.
The group claimed that the former president's policies contributed to pushing 86 million Nigerians into multidimensional poverty by 2007.
It also accused the Obasanjo administration of operating multiple foreign exchange windows, which it said encouraged arbitrage, round-tripping of subsidised dollars and the depletion of the country's foreign reserves.
TDF further criticised the former president's privatisation programme, alleging that the sale of state-owned enterprises resulted in job losses, increased dependence on imported goods and weakened local production.
According to the group, the policies also limited the government's capacity to invest in electricity, agriculture, education, healthcare, industrialisation and other critical sectors.
The organisation maintained that Obasanjo's criticism of Tinubu was contradictory, arguing that the former president had presided over an economy that struggled to grow in line with the country's population.
It defended the current administration's foreign exchange reforms, insisting that the naira was being allowed to reflect its market value rather than being artificially supported through government interventions.
TDF also dismissed Obasanjo's claims about worsening poverty under Tinubu, describing them as misleading and politically motivated.
The group cited several initiatives of the Tinubu administration, including wage and pension increases, payment of outstanding pension arrears, student loans, Consumer Credit Corporation (CREDICORP) loans, SMEDAN financing for small businesses and cash transfers to vulnerable households.
It argued that these interventions had recorded greater progress in addressing multidimensional poverty than the National Poverty Eradication Programme (NAPEP), established under the Obasanjo administration in 2001.
TDF further alleged that the former president's criticism was intended to give political advantage to his preferred candidate ahead of the 2027 presidential election.
The group consequently urged Nigerians to disregard what it described as politically motivated attacks on Tinubu's economic reforms.