140m of Nigerians Now Poor: Obi Criticizes Tinubu’s ‘Renewed Hope’ Agenda

The presidential candidate of the Labour Party (LP) in the 2023 elections, Peter Obi, has issued a sharp critique of the current administration’s economic reforms following new data indicating a significant spike in national poverty.

In a statement released via his official X handle on Monday, March 16, 2026, the former Anambra State Governor cited a recent policy study by Agora Policy which reveals that Nigeria’s poverty rate has surged from approximately 40% prior to recent reforms to over 63%.

Obi argued that these statistics provide empirical evidence that current fiscal policies have marginalized a vast majority of the population, effectively pushing an estimated 140 million citizens into economic hardship.

The report, supported by the Nigeria Economic Stability and Transformation Programme and the United Kingdom’s Foreign, Commonwealth and Development Office, highlights the severe erosion of purchasing power across all six geopolitical zones.

Obi noted that the removal of subsidies and other neoliberal adjustments have forced families to adopt "painful coping strategies," including reducing food intake, abandoning public transport for trekking, and accumulating debt for basic survival.

He maintained that the closure of small businesses—the traditional "backbone" of the Nigerian economy—further illustrates the disconnect between macroeconomic stability markers and the lived reality of the populace.

Obi condemned the disparity between the austerity demanded of the public and the expenditure patterns of the political class. He stated: "Leadership must lead by example, especially during difficult times. You cannot ask the citizens to fast while you feast. Sacrifice must begin from the top."

He further observed: "Reforms that deepen poverty, widen inequality, and crush small businesses cannot be described as successful".

Obi emphasized that true economic progress should be "people-centred," prioritizing the protection of vulnerable households over elite comfort.

Obi concluded his intervention by calling for an urgent policy pivot toward "prudence, compassion, and accountability".

He urged the government to strictly implement development-focused policies that expand local production and provide genuine relief to small enterprises.

The African Democratic Congress (ADC) chieftain maintained that Nigeria’s vast human and natural resources remain underutilized due to a leadership model that measures success by abstract indices rather than the tangible well-being of the ordinary Nigerian.