The Presidency has fired back at economist and public affairs commentator Pat Utomi over his criticism of the Federal Government’s economic reforms, describing his claims as exaggerated and lacking analytical depth.
Special Adviser to President Bola Ahmed Tinubu on Media and Public Communication, Sunday Dare, issued a detailed rebuttal after Utomi characterised the administration’s reform agenda as a “Ponzi scheme” and “poorly structured.”
Dare dismissed the remarks as alarmist, arguing that Utomi’s interventions in national discourse often rely more on rhetoric than on evidence-based analysis. He also questioned the economist’s track record in both public and private sectors, suggesting a disconnect between his critiques and measurable outcomes from past roles.
Defending the government’s policies, Dare maintained that the reforms under Tinubu are structural and targeted at correcting long-standing distortions in Nigeria’s economy. He highlighted the removal of fuel subsidy in May 2023 as a major step in reducing fiscal pressure and improving revenue distribution to states.
He also pointed to the unification of exchange rates as a move to enhance transparency and efficiency in the foreign exchange market.
According to Dare, these measures align with recommendations from institutions such as the World Bank and the International Monetary Fund, and are already yielding early gains, including improved Federation Account allocations, stronger non-oil revenue performance, and efforts to stabilise external reserves.
He argued that labelling the reforms a “Ponzi scheme” reflects a misunderstanding of macroeconomic fundamentals, stressing that the policies are designed to eliminate inefficiencies, restore investor confidence, and rebuild fiscal credibility.
While acknowledging the role of criticism in a democracy, Dare emphasised that such critiques must be constructive and backed by viable alternatives. He also cited ongoing reforms in taxation, customs modernisation, and digital revenue systems as part of a broader strategy to strengthen Nigeria’s economic framework.
Dare warned that unsubstantiated claims could distract from ongoing efforts to stabilise the economy, adding that dissent must ultimately contribute meaningfully to national policy debates.
ELIJAH ADEYEMI
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