Nigeria’s GDP Smaller Today Than Under Obasanjo Twenty Years Ago — Gbenga Hashim

-Says IBB Contributed More To Lagos Development Than Tinubu

A PDP presidential hopeful, Dr. Gbenga Hashim, has sharply criticized the economic performance of President Bola Ahmed Tinubu, claiming that Nigeria’s economy is weaker today than during previous administrations, including those of former Presidents Olusegun Obasanjo and Goodluck Jonathan.

Speaking live on Channels Television on Wednesday during a discussion with Seun Okinbaloye, Hashim cited official economic data, arguing that Nigeria’s fiscal and monetary management over the past 10 years of APC Government has failed to keep pace with the country’s growth and population expansion needs.

“GDP under Obasanjo was $267 billion. Under Jonathan, it grew to over $574billion in nominal terms. Today, under Tinubu, it has fallen to around $230 billion. This is a shocking regression for a nation with massive human and natural resources,” Hashim stated.

The PDP Presidential aspirant also highlighted the over devaluation of the Naira, stressing that the currency’s current exchange rate is far below levels justified by Nigeria’s economic fundamentals, contributing to a higher cost of living and weaker investor confidence.

Hashim, who is also a global businessman, questioned Tinubu’s legacy in Lagos, comparing it unfavorably with that of former military ruler, Ibrahim Babangida (IBB).

“IBB contributed more to Lagos development because he built the Third Mainland Bridge. If you remove the Third Mainland Bridge today, what’s left?Tinubu’s small bridge in Lekki which he tolled is nothing to 3rd mainland bridge IBB built.”
Dr Hashim dismissed the Action Democratic Congress (ADC) as a viable alternative, claiming that many of its members are part of Nigeria’s ongoing economic and security challenges.

“Apart from Peter Obi and probably Atiku Abubakar, others in ADC are mostly Buharist, who are accused of being part of the current problem”, he said.

Hashim also challenged members of Tinubu’s economic management team to defend their record in a live debate, arguing that Nigerians deserve transparent explanations on GDP contraction, currency instability, inflation, and the government’s economic strategies.

“It’s an open challenge, let their best hands, CBN Governor, Finance Minister, come out to a live public debate on the economy with me” he said.

Arguing that Naira is over devalued, Dr Hashim emphasized that with daily oil production doubled from 900,000 barrels per day to 1,800,000, and fuel importation reduced due to increase in local production, Naira should see significant valuation not decrease in value relative to values in the Buhari years.