Erudite political economist, Professor Pat Utomi, has warned that the way and manner in which President Bola Ahmed Tinubu is implementing the “ridiculous and poorly structured policies” would seriously put the nation’s economy at great risks.
Prof Utomi specifically warned that Nigeria is clearly heading toward a deeper economic crisis, stressing that current reforms are pushing more Nigerians into poverty while failing to attract meaningful investments needed for sustainable growth.
He emphasised that unless there is a shift toward people-centred policies that empower Nigerians to produce and create value, the country risks sliding into a deeper socio-economic crisis.
According to the professor of political economist; “The policies have been against ordinary Nigerians. Poverty is increasing, inequality is widening, and the benefits they promised have not come”.
Utomi, who stated these as a Guest during the monthly interview discourse, ‘Boiling Point Arena’, painted a grim picture of the nation’s economic trajectory, emphasising that the Tinubu-led federal government’s economic approach is akin to a “Ponzi scheme,” where initial gains are projected as success, but the long-term consequences are usually devastating for the ordinary citizens.
In the words of Utomi; “Nigeria will soon be in deep trouble. They are using the same explanations, but we are not seeing the investments that will drive the promised growth”.
Utomi who featured along side Daniel Bwala, Special Adviser to the President on Policy communications, cautioned that Nigeria risks mortgaging its future if it continues on the current path, especially with rising debt levels and weak capacity for debt servicing.
Utomi further said during the over two-hour once-a-month programme that was anchored by a media and public relations strategist, Dr Ayo Arowojolu, that it is clear that the Tinubu policymakers are merely repeating the mistakes of past economic frameworks similar to the Structural Adjustment Programme (SAP) of the General Ibrahim Babangida era, despite lessons from global financial crises and admissions of policy failures by institutions like the IMF and the World Bank.
In the words of Utomi; “Rather than prioritizing the welfare of citizens, the Tinubu-led government appears more focused on gaining external validation from Western capitals. They moved away from the Nigerian people and sought external validation—from Washington and Paris—forgetting the people at home”.
The professor of economics noted that the current policies have further widened the gap between the rich and the poor, enriching a small elite while leaving the majority of Nigerians worse off, stressing that declining household savings have crippled local investment capacity, while foreign investors—once seen as a solution, are increasingly pulling out.
He further said; “Investments flow from savings. Nigerians have no savings anymore. So, who will invest?”
Utomi particularly took a swipe at Tinubu’s handling of fuel subsidy removal, emphasising that while subsidies were indeed riddled with corruption, a blanket removal without addressing systemic leakages has further worsened hardship.
According to Utomi; “As much as 70 percent of the subsidy regime was compromised by corruption, and tackling that alone would have yielded significant benefits without inflicting widespread suffering. You don’t just remove subsidies and cripple the people. That creates double jeopardy,” he insisted.
He noted that even advanced economies like the United States and the European Union maintain various forms of subsidies to protect their citizens and industries.
Utomi particularly castigated state governors for failing to utilize increased revenues from subsidy removal to improve infrastructure and support economic productivity, saying that many states have not demonstrated the strategic thinking required to transform the business environment or create value for citizens.
The Boiling Point Arena session, chaired by the Olota of Ota and Paramount ruler of Aworiland, Oba Prof Adeyemi Obalanlege, was broadcast live on WASH 94.9FM, Sweet 107.1FM, Roots 97.1FM, Erimbe 94.7FM, Women Radio 91.7FM and Kruzz 92.9FM, Asaba, and Opera Tune 106.3FM as well as a cable television, NSTV on GoTV channel 316
