Nigeria’s GDP Lower Today Than Under Obasanjo 20 Years Ago, Says Gbenga Hashim

*Says IBB contributed more to Lagos devt than Tinubu

Chuks Okocha in Abuja

A Peoples Democratic Party (PDP) presidential hopeful, Dr. Gbenga Hashim, has criticised the economic performance of President Bola Ahmed Tinubu, claiming that Nigeria’s economy is weaker today than it was under previous administrations, including those of former Presidents Olusegun Obasanjo and Goodluck Jonathan.

Hashim made the remarks yesterday in an interview with newsmen on Abuja

The discussion centred on the future of Nigeria Economy and the place of Nigeria’s Young people in the Global Economy.

Hashim cited official economic figures to argue that Nigeria’s fiscal and monetary management over the past decade under the All Progressives Congress (APC) has failed to keep pace with the country’s population growth and development needs.

“GDP under Obasanjo was about $267 billion. Under Jonathan, it rose to over $574 billion 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,” he said.

The PDP aspirant also raised concerns about the devaluation of the naira, stressing that the currency’s current exchange rate is far below levels justified by Nigeria’s economic fundamentals. According to him, the situation has contributed to a higher cost of living and weakened investor confidence.

Hashim, a global businessman, further questioned Tinubu’s developmental legacy in Lagos State, comparing it unfavourably with that of former military president Ibrahim Babangida. He credited Babangida with constructing the Third Mainland Bridge, describing it as a landmark infrastructure project with enduring impact.

“IBB contributed more to Lagos development because he built the Third Mainland Bridge. If you remove the bridge today, what is left? Tinubu’s smaller tolled bridge in Lekki is nothing compared to what IBB built,” Hashim stated.

He also dismissed the Action Democratic Congress (ADC) as a credible political alternative, alleging that many of its members are connected to Nigeria’s current economic and security challenges.

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

Hashim challenged members of Tinubu’s economic management team, including the Governor of the Central Bank of Nigeria and the Minister of Finance, to defend their record in a live public debate. He argued that Nigerians deserve transparent explanations on GDP contraction, currency instability, inflation, and the government’s broader economic strategies.

“It is an open challenge , let their best hands, the CBN governor and the finance minister, come out for a live public debate on the economy with me,” he added.

Maintaining that the naira is over-devalued, Hashim emphasised that improvements in oil production, from about 900,000 barrels per day to roughly 1.8 million barrels ,and reduced fuel importation due to increased local refining should ordinarily support a stronger currency rather than further depreciation relative to levels recorded during the Buhari administration.