The Lagos State chapter of the All Progressives Congress (APC) has rebuked political commentator Gbenga Olawepo-Hassim for asserting that Nigeria’s economy performed more favourably under former Presidents Olusegun Obasanjo and Goodluck Jonathan than under the current administration of President Bola Tinubu.
In a statement issued on Friday, the Lagos APC, through its spokesperson Seye Oladejo, characterised Olawepo-Hassim’s historical economic comparison as “misleading, selective, and intellectually shallow.” The party suggested the critique either demonstrated a misunderstanding of public economic management or constituted a deliberate misrepresentation of data for political ends.
The statement contended that the Obasanjo and Jonathan administrations managed the economy during periods of record-high oil revenues and strong external reserves, with a lower population burden. However, it argued these governments failed to implement necessary structural reforms. The APC cited a reliance on oil booms to generate hundreds of billions in revenue without diversifying the economy, stabilising the power sector, or addressing unsustainable fuel subsidies and multiple exchange rates.
Specifically addressing the Jonathan era, the party listed documented economic challenges inherited by subsequent governments, including a collapsed power sector despite substantial investment, heavy import dependency, a corruption-prone fuel subsidy regime, and an emerging currency crisis prior to 2015.
The Lagos APC framed President Tinubu’s tenure as inheriting deep-seated structural distortions, including Subsidy regimes, foreign exchange arbitrage, and an inadequate fiscal framework for a population exceeding 200 million. It defended recent policy shifts—the removal of fuel subsidies and unification of the foreign exchange market—as inevitable, long-postponed corrections rather than experiments.
The statement warned against “revisionist narratives,” urging the public to distinguish between political commentary and rigorous economic analysis. It stressed that Nigeria’s complex economy, affecting over 200 million citizens, could not be reduced to nostalgic or selective critiques.
Concluding, the party asserted that history would vindicate President Tinubu’s decisive leadership on economic reforms, contrasting it with what it described as critics’ reliance on selective memory. The exchange highlights the ongoing political debate surrounding the management and legacy of Nigeria’s economy amid persistent challenges of inflation, currency volatility, and fiscal pressure.
