The Lagos State chapter of the All Progressives Congress (APC) has criticised remarks by Gbenga Olawepo-Hassim comparing Nigeria’s economic performance under former Presidents Olusegun Obasanjo and Goodluck Jonathan with that of President Bola Ahmed Tinubu.
A statement issued on Friday by the Lagos APC Spokesman, Seye Oladejo, described Olawepo-Hassim’s claims as misleading and politically motivated, arguing that they reflect either a misunderstanding of economic management or a deliberate distortion of historical facts.
Oladejo maintained that the Obasanjo and Jonathan administrations operated during periods of high global oil prices, unprecedented external reserves and lower population pressures, saying despite the favourable conditions, the governments failed to diversify the economy, build sustainable fiscal buffers, reform the power sector or eliminate what he described as a corruption-ridden fuel subsidy regime and multiple exchange rate practices.
He argued that President Tinubu inherited a fragile economic structure characterised by unsustainable subsidies, foreign exchange distortions and fiscal imbalances in a country of over 200 million people.
Defending the current administration’s policies, the Lagos APC said the removal of fuel subsidy and the unification of the foreign exchange market were necessary corrective measures that had been postponed by previous governments. It described the reforms as inevitable steps toward long-term economic stability rather than political experiments.
Oladejo cautioned the public against what he termed “revisionist narratives,” insisting that Nigeria’s economic challenges are the result of decades of structural weaknesses.
He said President Tinubu had demonstrated courage in confronting difficult economic realities.
Oladejo concluded that ongoing reforms aimed at repositioning the economy would not be derailed by “opportunistic commentary,” adding that history would judge the current administration by the long-term outcomes of its policy decisions.
