Oyegun said APC took over power when the economy was in bad shape, adding that there was need for complete overhauling of the system.
Oyegun, who spoke on Saturday at the Luncheon and Award programme organised by the University of Ibadan Alumni Association, urged Nigerians to persevere and be optimistic.
The event was a follow-up to the third Public Service Lecture of the association entitled, "Change and the Nigerian Traditional Institution, " delivered on Friday by the Obi of Onitsha, Nnaemeka Achebe.
Oyegun said APC took over power when the economy was in bad shape, adding that there was need for complete overhauling of the system to initiate the desired change envisaged by the people.
"The price of crude oil dropped drastically when we came on board.
"Rather than a plastic solution, President Muhammadu Buhari took some sacrificial decisions to overhaul the entire system.
"In the period of pregnancy, there is always pain. Buhari remains one of the few incorruptible Nigerians that can take sacrificial decisions and instil discipline.
"Lack of discipline is one of the factors that brought our institutions to the prostrate state we met them. I have no doubt in my mind that the future is very bright," he said.
The News Agency of Nigeria (NAN) reports that Oyegun was honoured with Alumnus of the Year Award while the publisher of the Sun Newspapers, Orji Uzor Kalu bagged the Entrepreneur of the Year Award.
NAN reports that among the 56 other awardees were Dr A.A.A Obiora, Dr Alex Izinyon(SAN), Chief Olu Falae, Chief Reuben Fasoranti, Chief Areoye Oyebola and Dr Michael Omolayole.
Also speaking at the event, Gov. Abiola Ajimobi of Oyo State described Oyegun as a distinguished public servant as well as an accomplished economist and civil servant.
"Chief Oyegun is the most endowed National Party leader of our time. We are always proud to call him our chairman," he said.
He said that University of Ibadan had contributed immensely to the development of Ibadan and the state at large, urging the institution not to relent in its support for development.
Dr Kemi Emina, the National President of the UI Alumni Association (UIAA), described Kalu as a great entrepreneur, who is leading the youths through his entrepreneurial spirit.
Emina thanked Oyegun and Kalu, who was represented by his Personal Assistant, Kunle Oyewumi, for their contribution to the development of the institution and the advancement of knowledge.
Also speaking, the Vice- Chancellor of the university, Prof. Idowu Olayinka, lauded the awardees for their immense contributions for the development of the institution.
NAN reports that among dignitaries present at the occasion were former Vice President Atiku Abubakar.
NAN also reports that the event featured the inauguration of the Michael Omolayole Alumni building.in the institution.