Presidential Aide Slams Utomi's Critique of Tinubu's Economic Reforms
Professor Pat Utomi has once again drawn sharp criticism for his public remarks, this time targeting the economic reform program of President Bola Ahmed Tinubu. In a scathing response, Sunday Dare, Special Adviser to President Tinubu on Media and Public Communication, dismissed Utomi's comments as "ridiculous" and "poorly structured," accusing him of intellectual overreach by comparing the reforms to a "Ponzi scheme." Dare argues that Utomi's interventions consistently fail under scrutiny, highlighting a pattern of exaggeration without substantive evidence.
Questioning Utomi's Credibility and Past Failures
Dare points to Utomi's historical involvement in Nigeria's economic landscape, noting that his much-touted "academic wizardry" has been linked to the failures of Volkswagen Automobile Ltd and Bank PHB. According to Dare, these instances expose Utomi's posturings as lacking real-world results, suggesting that his public persona as a "political economist" relies more on alarmist rhetoric than measurable achievements. The aide emphasizes that Nigeria's economic distortions were sustained over decades by a class of commentators, including Utomi, who theorized dysfunction rather than dismantling it.
Defending Tinubu's Reform Measures and Structural Impact
In contrast, Dare outlines key reforms under the Tinubu administration that have yielded verifiable fiscal impacts. These include the removal of the fuel subsidy in May 2023, which eliminated a multi-trillion-naira fiscal drain and freed up revenues for subnational allocations and deficit reduction. Additionally, exchange rate unification has collapsed multiple foreign exchange windows into a single market-reflective rate, a step long advocated by international bodies like the World Bank and IMF. Dare asserts that these actions are not mere theoretical positions but structural changes with tangible benefits, such as increased FAAC disbursements and improved state-level fiscal liquidity.
Analyzing the Shift from Insider Comfort to Outsider Outrage
Dare identifies a pattern where the disruption of Nigeria's rent-seeking economic architecture has led to increased outrage from figures like Utomi. He argues that this reaction stems from displacement rather than principle, as those who thrived in the old system now rebrand as critics. Meanwhile, early macroeconomic signals show improvements, including better oil revenue remittances post-subsidy removal, strengthened external reserves stability, and easing debt service-to-revenue pressures due to curtailed fiscal leakages.
Debunking the "Ponzi Scheme" Claim and Highlighting Reform Progress
Dare bluntly rejects Utomi's analogy of the reforms as a "Ponzi scheme," calling it intellectually hollow. He explains that a Ponzi scheme involves deception and zero value creation, whereas Nigeria's reforms aim to eliminate fiscal leakages, restore price discovery in the FX market, and rebuild macroeconomic credibility. Dare contrasts this with the previous regime, which he describes as borrowing to sustain consumption and subsidizing inefficiency, benefiting individuals like Utomi. He notes that investor-facing fundamentals are being reset, with efforts to clear FX backlogs and normalize repatriation conditions under the Tinubu administration.
Criticizing Utomi's Lack of Alternatives and Institutional Reforms
Dare criticizes Utomi for offering no coherent alternative framework, credible sequencing model, or fiscal pathway to address economic crises. He describes Utomi's contributions as mere declarations and alarm without substance. In contrast, Dare highlights ongoing institutional reforms, such as tax reform architecture aimed at broadening the base, e-invoicing rollouts for large taxpayers to enhance transparency, and customs modernization programs to improve trade facilitation. These systems-level interventions, Dare argues, demonstrate a commitment to tangible progress beyond soundbites.
Examining Utomi's Pattern of Alarm and Media Performance
Dare observes a familiar pattern in Utomi's approach: declaring impending collapse, using dramatic language to command attention, and avoiding the burden of proposing solutions. He suggests this performance thrives in media cycles but adds little to policy depth. Despite reform shocks, data trajectories show positive GDP growth, upward momentum in non-oil revenue performance, and expanded subnational fiscal space due to higher distributable revenues.
Addressing Underlying Tensions and Reform Institutionalization
Dare notes an underlying tension as the Tinubu administration has not relied on the usual circle of media intellectuals and policy commentators, leading some voices, including Utomi's, to become more combative. He suggests that outrage has become therapeutic for those whose relevance is no longer assured. Meanwhile, reform continuity is being institutionalized through medium-term fiscal frameworks, targeted social intervention programs, and investment promotion efforts aligned with transparent FX regimes.
Concluding Call for Serious Thinking Over Distraction
Dare concludes that while Nigeria's reforms are open to criticism and demand scrutiny and refinement, Utomi's intervention lacks rigor and responsibility. He describes it as amplification without depth and a distraction masquerading as insight. Dare urges Utomi to consider maintaining a dignified silence and allow President Tinubu to continue his work, emphasizing that counsel is welcome but distraction is not. This response underscores the administration's defense of its economic policies against what it perceives as unfounded criticism from established figures in Nigeria's public discourse.
