Renowned Professor of Political Economy, Pat Utomi, has delivered a scathing critique of the federal government’s economic priorities, asserting that its fervent “obsession” with revenue generation is actively undermining the nation’s economic stability and the welfare of its citizens. Utomi’s remarks highlight a deep concern over the direction of national financial strategies, particularly as they impact the everyday lives of Nigerians.
According to Utomi, a significant portion of Nigeria’s available resources is being disproportionately channeled towards the political class rather than being strategically invested in productive sectors capable of stimulating genuine and sustainable growth. He emphasizes the critical need to redirect these funds towards foundational areas like agriculture, which possess immense potential for value chain development and food security, directly benefiting the populace.
The professor elaborated on the detrimental effects of the current revenue drive on commerce and essential services. He cited the exorbitant costs imposed on importers, with each container incurring taxes that can amount to millions of Naira. This financial burden, he explained, directly impedes the importation of crucial goods, including vital anti-malarial medications, underscoring a public health crisis exacerbated by fiscal policy.
Utomi powerfully argued that while government revenues may show an upward trend, and are subsequently “squandered by politicians,” the Nigerian populace gains no tangible improvement in their quality of life. This disconnect, he posits, creates a paradoxical situation where national financial indicators appear positive on paper, yet widespread hardship persists among the general population, a key aspect of citizen welfare.
He further challenged the conventional wisdom of using revenue figures as a sole metric for economic advancement. For Utomi, such a narrow focus demonstrates a fundamental misunderstanding of economics. True progress, he contended, should be measured by the tangible improvements in living standards, the accessibility of essential goods, and the overall economic well-being of the citizenry, not merely by the volume of government coffers.
Addressing recent claims of economic recovery, Utomi dismissed the significance of the naira’s slight stability, questioning its relevance when pervasive inflation continues to erode the purchasing power and livelihoods of ordinary Nigerians. He likened the situation to moving “from hell to purgatory,” suggesting that marginal improvements do not equate to genuine salvation from dire economic straits, a critical commentary on Nigeria’s economic policies.
In a direct response to official statistics, Utomi pointed to the National Bureau of Statistics (NBS) report of Nigeria’s annual gross domestic product (GDP) rate at 3.13 per cent in the first quarter of 2025, which was higher than the 2.27 per cent recorded in Q1 2024. Despite these figures, he maintained that such numerical increases mean little if they do not translate into a better life for the average Nigerian, thereby reinforcing his stance on the misapplication of national resources and the urgent need for a shift in government revenue strategy.
