Renowned economist and public policy expert Pat Utomi has criticised the federal government’s economic approach, arguing that its fixation on revenue generation is harming businesses and deepening poverty.
Speaking on Channels Television, Utomi denounced the heavy port charges and excessive taxation levied on importers, particularly those dealing in essential goods.
“Ask any trader today how much they can bring through the ports,” Utomi said. “The desperation for rising revenue means that every container is being sold at about N18 million or some similar amount.”
He warned that this aggressive fiscal stance has become detrimental to entrepreneurs and critical sectors such as pharmaceuticals.
“Many pharmaceutical importers have very thin margins… it means they can’t import a new set of containers of anti-malarials,” he noted.
Utomi emphasised that rising revenues don’t translate to improved livelihoods for citizens, calling instead for investment in agriculture, education, and health.
“To use revenue as evidence of progress is not to understand economics,” he declared.
While official statistics show Nigeria’s GDP grew by 3.13% in Q1 2025, Utomi said these figures are disconnected from real-world challenges like inflation, unemployment, and food insecurity.
“If you are from hell to purgatory, have you been saved from damnation?” he quipped.
He concluded by urging policymakers to shift focus toward building a resilient economy grounded in food security, industrialisation, and human capital development.
