- APC Dismisses Claims That Economy Was Better Under Obasanjo, Jonathan
- The party argued that both the Obasanjo and Jonathan administrations operated during periods of historic oil booms
- Says President Tinubu inherited an economy burdened by fiscal distortions
The All Progressives Congress (APC) has rejected claims by Mr Gbenga Olawepo-Hassim suggesting that Nigeria’s economy performed better under former Presidents Olusegun Obasanjo and Goodluck Jonathan than under President Bola Ahmed Tinubu.
Eko Hot Blog reports that in a statement released on Friday, APC spokesperson Hon. Mogaji Seye Oladejo described the assertion as either a misunderstanding of public sector economic management or a deliberate attempt to distort history for political purposes.
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The party argued that both the Obasanjo and Jonathan administrations operated during periods of historic oil booms, high external reserves, and lower population pressures. Yet, despite earning hundreds of billions of dollars from crude oil sales, the APC said those governments failed to diversify the economy, fix the power sector, or address Nigeria’s dependence on fuel subsidies and multiple exchange rates.
“Instead, they entrenched a rent-seeking culture, expanded consumption without productivity, and left the economy structurally vulnerable to shocks,” the statement added. It highlighted that the Jonathan administration left office with a collapsed power sector, an import-dependent economy, a corrupt subsidy regime, and an unfolding currency crisis.
According to the APC, President Tinubu inherited an economy burdened by fiscal distortions, foreign exchange arbitrage benefiting cronies, and an unsustainable system for a nation of over 200 million people.
Oladejo stressed that unlike critics who offer hindsight judgments without responsibility, Tinubu has taken bold corrective measures. “The removal of fuel subsidy and the unification of the foreign exchange market were not experiments; they were overdue corrections postponed by previous administrations more concerned with optics than outcomes,” he said.
The statement further described Nigeria’s economy as too complex to be judged by casual nostalgia or political commentary. “This is not a classroom debate or a campaign slogan contest; it is the economic survival of over 200 million Nigerians,” Oladejo said.
The Lagos APC concluded by warning the public to view Olawepo-Hassim’s remarks as political noise, emphasizing that history will record Tinubu as a leader who acted decisively when hard economic decisions were required, while critics relied on selective memory.
“Nigeria is correcting decades of economic mismanagement. That process will not be derailed by revisionist narratives or opportunistic commentary,” the party said.
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