Renowned Professor of Political Economy, Pat Utomi, has taken a swipe at the federal government’s economic strategy, accusing it of prioritising revenue generation at the expense of citizens’ welfare.
He argued that the current policies disproportionately benefit politicians while placing increased financial burdens on ordinary Nigerians.
Speaking during a television interview over the weekend, Utomi criticised what he described as the government’s “obsession” with revenue, warning that it is harming the productive sectors critical for sustainable growth.
“Most non-productive sectors the political class, for example are the ones benefitting,” Utomi said. “We need to get the resources that are available to go directly into ramping up food first of all, and then the value chain from those factor endowments around agriculture.”
He warned that the aggressive revenue drive is pricing many traders and importers out of business, particularly at the ports where the cost of clearing goods has skyrocketed.
“Ask any trader today how much they can bring through the ports. The desperation for rising revenue means that every container is being sold at about N18 million or some similar amount,” Utomi lamented.
“Many pharmaceutical importers have very thin margins on their anti-malarials and related drugs. When they come through the ports in this desperation for revenue and get hit with a tax on each container, it means they can’t import a new set of containers of anti-malarial medications.”
According to him, while government revenue figures may appear to be improving, the economic hardship facing ordinary citizens continues to deepen.
“It means that while government revenues are going up and are being squandered by politicians, the Nigerian people have no possibility of a better life,” he said.
“This revenue issue needs to be put in context and properly understood. To use revenue as evidence of progress is not to understand economics.”
Utomi also challenged official narratives of economic recovery, pointing out that marginal improvements in the exchange rate mean little if inflation remains high and food prices keep soaring.
“If you are from hell to purgatory, have you been saved from damnation?” he asked, dismissing suggestions that the economy is on the path to stability.
He argued that true economic progress can only be measured by job creation, affordable healthcare, and access to basic necessities. “Food is the ultimate. When people can’t eat, anything can happen,” he warned.
Calling for a redirection of national priorities, Utomi urged the government to invest more in agriculture, education, and healthcare to create long-term stability and prosperity.
His comments come on the heels of a recent report by the National Bureau of Statistics (NBS), which revealed that Nigeria’s gross domestic product (GDP) grew by 3.13 percent in the first quarter of 2025 up from 2.27 percent in Q1 of 2024. However, analysts say the growth has yet to translate into improved living conditions for most Nigerians.
