Shocking Regression: Nigeria's GDP Now Lower Than Under Obasanjo, Says Olawepo-Hashim

 A prominent Peoples Democratic Party (PDP) figure and presidential hopeful, Dr. Gbenga Olawepo-Hashim, has sharply criticized President Bola Ahmed Tinubu’s economic management, asserting that Nigeria’s economy is in a worse state today than during the administrations of former Presidents Olusegun Obasanjo and Goodluck Jonathan.

In a recent interview, Olawepo-Hashim, a former National Publicity Secretary of the PDP, described the current economic situation as a “shocking regression” despite Nigeria’s abundant human and natural resources. He challenged key economic officials in the Tinubu administration — including the Minister of Finance and the Governor of the Central Bank of Nigeria — to publicly defend their performance and provide evidence of improvement.

Citing nominal GDP figures, Olawepo-Hashim stated: “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.”

He argued that this decline represents a significant backward slide, particularly when compared to Nigeria’s position as Africa’s largest economy at the end of Jonathan’s tenure. The PDP chieftain also linked the current hardships to broader failures in governance, including persistent inflation, poverty, and insecurity, while accusing the ruling All Progressives Congress (APC) of overseeing a “disaster” over its decade in power (combining the Buhari and Tinubu eras).

Olawepo-Hashim’s comments come amid ongoing debates about the impacts of Tinubu’s economic reforms, such as fuel subsidy removal, exchange rate unification, and downstream deregulation. While critics highlight rising living costs and hardship, supporters point to gains like an estimated ₦6 trillion from deregulation in the downstream sector in 2025 and claims of added GDP value in recent years.

The Tinubu administration has maintained that these bold reforms are essential for long-term stability and growth, positioning Nigeria for a “renaissance” in key sectors.

Olawepo-Hashim’s statement has reignited discussions on economic performance across administrations ahead of the 2027 elections, with observers noting that such comparisons often involve debates over nominal vs. real GDP, exchange rate effects, rebasing, and global factors.

No immediate response was available from the presidency or relevant officials at the time of this report.