Presidency slams Pat Utomi over reform comments

By Lawrence Agbo

The Presidency has faulted recent remarks by economist and public affairs commentator Pat Utomi, after he described the Federal Government’s economic reform programme as “ridiculous,” “poorly structured,” and comparable to a “Ponzi scheme.”

Reacting to the criticism, Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, dismissed Utomi’s comments as exaggerated and lacking serious analytical basis.

In a detailed rebuttal, Dare said Utomi’s interventions often rely on alarmist language rather than evidence-based economic analysis, arguing that his remarks failed to offer practical alternatives to the government’s policy direction.

He also questioned Utomi’s track record in both public and private sectors, suggesting that his criticism does not reflect measurable achievements from his own past engagements.

Defending the Tinubu administration’s reforms, Dare said the policies are aimed at correcting deep-rooted structural distortions in Nigeria’s economy and restoring long-term fiscal stability.

He cited the removal of fuel subsidy in May 2023 as a major step that ended a heavy financial burden on government resources and improved revenue distribution to states.

Dare also defended the unification of exchange rates, saying it has improved transparency in the foreign exchange market and aligns with recommendations long advocated by institutions such as the World Bank and International Monetary Fund.

According to him, rising Federation Account allocations, stronger non-oil revenue, and efforts to stabilise foreign reserves are early signs that the reforms are yielding results.

He maintained that calling the reforms a Ponzi scheme reflects a misunderstanding of macroeconomic policy, insisting that the measures are designed to eliminate inefficiencies, restore investor confidence, and rebuild fiscal credibility.

Dare added that while criticism is welcome in a democracy, it must be constructive and grounded in facts rather than sweeping claims that could distract from ongoing economic recovery efforts.