Utomi Urges Opposition To Tackle ‘Ponzi Economics’

Utomi calls on opposition parties to confront current economic policies and pursue production-driven growth to reduce poverty and inequality.

A political economist, Prof. Pat Utomi, has charged opposition parties to rescue Nigeria from what he described as “ponzi economics” of the current administration led by the All Progressives Congress (APC).

Utomi, who spoke during the opposition parties’ summit in Ibadan, Oyo State, on Saturday, described Nigeria’s current economic condition as a “moral outrage.”

He urged opposition political actors to chart a new course anchored on production, discipline, and inclusive growth.

Speaking on the theme: “Rebuilding a Productive, Dynamic and Efficient Economy for Nigeria,” Utomi painted a stark picture of widening inequality and hardship.

He cited a recent PiggyVest report indicating that 58 per cent of Nigerians earned less than ₦100,000 monthly, contrastingthis with what he called the excesses of the political elite.

Recounting a personal experience at a petrol station in Lagos, he said the cost of filling his tank equated to “two and a half times the monthly income of many Nigerians,” adding that a passing seven-car convoy symbolised “the earnings of about 20 citizens.”

“Our current economic reality is a moral outrage. While many survive on remittances, some celebrate ‘Tinubunomics’ and ask suffering Nigerians to wait in hope.”

He accused the federal government of “profligate spending, reckless borrowing and treasury looting,” warning that such practices had deepened poverty and inequality.

Citing World Bank data, he noted that nearly 130 million Nigerians live in multidimensional poverty, questioning the absence of widespread civic resistance.

Utomi further lamented that the country had drifted into unsustainable economic management.

Reflecting on Nigeria’s past, he said the country once pursued industrialisation with clear vision and discipline.