Renowned political economist Pat Utomi has lambasted the federal government’s economic approach, accusing it of prioritizing revenue generation over the productive sectors critical to Nigeria’s growth.
Speaking on Channels Television’s Politics Today on Friday, Utomi described the government’s focus as “misplaced,” arguing that resources are being diverted to non-productive areas, particularly the political class, at the expense of agriculture and manufacturing.
Utomi criticized the government’s aggressive revenue drive, particularly at ports, where excessive charges are pushing businesses, including pharmaceutical importers, out of the market.
“Every container costs about N18 million, making it impossible for traders with thin margins, like those importing anti-malarials, to sustain operations,” he said.
He warned that while government revenues rise, they are “squandered by politicians,” leaving Nigerians with little hope for improved living standards.
Dismissing claims of economic recovery, Utomi argued that marginal naira stability is meaningless amid soaring inflation that erodes purchasing power.
“If you move from hell to purgatory, are you saved?” he quipped, emphasizing that true progress lies in better living conditions, not just macroeconomic indicators.
Utomi urged immediate investment in agriculture, education, and healthcare to build a sustainable economy, warning, “When people can’t eat, anything can happen.”
His remarks follow the National Bureau of Statistics’ report of a 3.13% GDP growth rate for Q1 2025, up from 2.27% in Q1 2024—a figure Utomi insists does not reflect the struggles of ordinary Nigerians.
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com