Pat Utomi Criticizes Government's Economic Moves: Are Politicians Benefiting at the People's Expense?
Renowned economist Pat Utomi criticizes Nigeria's revenue-driven economic policies for benefiting politicians while neglecting agriculture and healthcare.
An Economic Strain on Traders
In an insightful address, Professor Pat Utomi criticized the recent revenue-driven economic policies of the Nigerian government. Highlighting the strain these policies place on traders, Utomi observed, “The desperation for revenue means traders and importers face prohibitive costs, with containers priced around N18 million. Such an economic approach sidelines the productive sectors that truly drive growth—as noted in Arise News.”
Impact on Healthcare Supplies
A poignant example Utomi presented was the impact on pharmaceutical importers. With narrow profit margins on lifesaving drugs like anti-malarials, the increased taxation at ports hampers their ability to replenish stock. “When every container gets taxed heavily, imagine the setback in accessing essential medications,” he lamented.
A Call for Reinvestment in Key Sectors
Utomi’s criticisms extend beyond immediate trader impacts to broader economic consequences. He argues that government revenues, currently lining political pockets, should instead bolster agriculture, education, and healthcare. “It’s vital the funds fuel these foundations of a thriving society, ensuring both immediate relief and long-term prosperity,” Utomi stressed.
The Misleading Stability of the Naira
Despite official claims of economic recovery and stability in the Naira, Utomi remains skeptical. “True economic progress shines through job creation and affordable essentials—not superficial statistics,” he stated, drawing attention to the ongoing severe inflation that many Nigerians face daily.
The Essential Role of Food Security
Central to Utomi’s message was the crucial role of food security. He urged more robust investments in agriculture, pointing out that without adequate food, societal instability looms large. “We must recognize: a populace that can’t eat is a nation on the brink,” he cautioned, underscoring the urgency of redirecting economic efforts.
Conclusion: A Broader Vision for Nigeria
Utomi’s critique serves as a call to action for a comprehensive reevaluation of Nigeria’s economic policies. It highlights the need for a shift in focus from simply amassing revenue to fostering societal well-being through strategic investments. To truly elevate Nigeria, Utomi asserts, we must prioritize the welfare of its citizens over political gains.