Questions Tinubu’s Economic Record, Credits IBB With Greater Lagos Infrastructure Impact
A presidential aspirant of the Peoples Democratic Party (PDP), Dr. Gbenga Hashim, has delivered a strong critique of the economic performance of President Bola Ahmed Tinubu, asserting that Nigeria’s economy has contracted significantly when compared with outcomes under previous administrations, notably those of former Presidents Olusegun Obasanjo and Goodluck Jonathan.
Speaking on Channels Television on Wednesday during a live programme anchored by Seun Okinbaloye, Hashim referenced official economic indicators to argue that fiscal and monetary policies under the All Progressives Congress (APC) over the past decade have failed to deliver commensurate economic expansion in line with Nigeria’s population growth and development needs.
According to him, Nigeria’s gross domestic product stood at approximately $267 billion under President Obasanjo and expanded to over $574 billion in nominal terms during the Jonathan administration. He noted that the figure has since declined to about $230 billion under the current administration, describing the trend as a significant setback for a resource-endowed nation.
Hashim further raised concerns over what he described as the excessive devaluation of the naira, arguing that the current exchange rate does not reflect Nigeria’s underlying economic fundamentals. He maintained that the weakened currency has intensified the cost-of-living crisis and undermined investor confidence.
Turning to Lagos State, the PDP aspirant questioned President Tinubu’s developmental legacy, drawing a comparison with former military ruler, General Ibrahim Babangida. He argued that Babangida’s administration made a more enduring contribution through the construction of the Third Mainland Bridge, which he described as far more consequential to Lagos’ growth than more recent infrastructure projects.
Hashim also dismissed the Action Democratic Congress (ADC) as a credible political alternative, contending that many of its prominent figures are closely associated with policies and actors linked to Nigeria’s present economic and security challenges, with the exception of a few individuals.
In addition, he issued a public challenge to members of the current administration’s economic management team, including the Central Bank Governor and the Minister of Finance, to engage him in a live debate on the state of the economy. He stressed that Nigerians deserve clarity on issues such as GDP contraction, currency volatility, inflation, and the government’s overall economic direction.
Reiterating his position on the naira, Hashim argued that recent improvements in key fundamentals such as increased daily oil production from about 900,000 to 1.8 million barrels and reduced fuel importation due to higher local refining capacity should ordinarily support a stronger currency rather than continued depreciation.
