The Special Adviser to President Bola Ahmed Tinubu on Media and Public Communication, Sunday Dare, has criticised economist and public affairs commentator, Pat Utomi, over his remarks describing the Federal Government’s economic reforms as a “Ponzi scheme.”
Utomi had labelled the administration’s reform programme as
“ridiculous” and “poorly structured,” drawing a sharp response from the
presidency.
In a detailed rebuttal, Dare dismissed the claims as
“exaggerated” and lacking “analytical depth,” arguing that Utomi’s
contributions to national discourse often rely on “alarmist rhetoric rather
than evidence-based critique.”
He also questioned Utomi’s track record in both the public
and private sectors, suggesting a gap between his commentary and measurable
outcomes from past engagements.
Defending the government’s economic policies, Dare said the
reforms introduced under President Bola Tinubu are structural and aimed at
addressing long-standing distortions in the economy.
He cited the removal of fuel subsidy in May 2023, which he
said eliminated a major fiscal burden and improved revenue allocation to
states, as well as the unification of exchange rates to boost transparency in
the foreign exchange market.
According to Dare, these measures are consistent with
recommendations from global financial institutions such as the World Bank and
the International Monetary Fund.
He further pointed to improvements in Federation Account
allocations, non-oil revenue performance, and efforts to stabilise external
reserves as early signs of progress.
Dare argued that describing the reforms as a “Ponzi scheme”
reflects a misunderstanding of macroeconomic principles, stressing that the
policies are designed to eliminate inefficiencies, restore market confidence,
and rebuild fiscal credibility.
While acknowledging the importance of scrutiny in a
democratic system, he maintained that criticism must be “constructive,
rigorous, and supported by viable alternatives.”
He also highlighted ongoing reforms in taxation, customs
modernisation, and digital revenue systems as part of a broader strategy to
strengthen the country’s economic framework.
Dare warned that unsubstantiated claims could distract from
efforts to stabilise and reform the economy, adding that while dissent is
essential, it must contribute meaningfully to policy debate.
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