Renowned political economist Professor Pat Utomi has strongly criticized the Nigerian federal government’s economic strategy, warning that its aggressive revenue drive is hurting the nation’s long-term growth prospects.
Speaking during a televised interview over the weekend, Utomi argued that the government’s revenue obsession is enriching the political class while undermining productive sectors like agriculture, healthcare, and manufacturing—areas critical for sustainable development.
“Most of the country’s resources are being diverted to non-productive sectors. We need to prioritize agriculture and build value chains from our local factor endowments,” he said.
Utomi condemned the burden placed on importers and small businesses, especially at the ports, where excessive levies are making operations nearly impossible. He cited examples of pharmaceutical importers struggling to restock anti-malarial medications due to container charges reportedly reaching ₦18 million each.
“This desperation for revenue is destroying the business environment. It’s creating a false sense of economic improvement while ordinary Nigerians suffer,” he added.
According to Utomi, rising government revenues are not translating into better living standards. He warned against using revenue figures as a sole indicator of progress, stressing that inflation and hunger remain widespread.
“If you move from hell to purgatory, is that salvation?” he asked, dismissing official claims that the economy is recovering.
He emphasized that job creation, food security, and access to healthcare and education are the real markers of economic progress.
“Food is fundamental. A hungry population is a volatile population. We must invest in what truly improves lives,” Utomi concluded.
Despite a reported 3.13% GDP growth in Q1 2025 by the National Bureau of Statistics (NBS), Utomi insisted that the numbers are meaningless without tangible improvements in daily life.
