The presidency has criticised economist and public affairs commentator, Pat Utomi, over his remarks describing the Federal Government’s economic reforms as a “Ponzi scheme.
Utomi had labelled the administration’s reform programme as ridiculous and poorly structured, drawing a sharp response from the presidency.
Special Adviser to the President on Media and Public Communication, Sunday Dare dismissed the claims as exaggerated and lacking analytical depth, arguing that Utomi’s contributions to national discourse often rely on alarmist rhetoric rather than evidence-based critique.
Defending the government’s economic policies, Dare said the reforms introduced under President Bola Tinubu are structural and aimed at addressing long-standing distortions in the economy.
He cited the removal of fuel subsidy in May 2023, which he said eliminated a major fiscal burden and improved revenue allocation to states, as well as the unification of exchange rates to boost transparency in the foreign exchange market.
He further pointed to improvements in Federation Account allocations, non-oil revenue performance, and efforts to stabilise external reserves as early signs of progress.
Dare argued that describing the reforms as a “Ponzi scheme” reflects a misunderstanding of macroeconomic principles, stressing that the policies are designed to eliminate inefficiencies, restore market confidence, and rebuild fiscal credibility.
Dare warned that unsubstantiated claims could distract from efforts to stabilise and reform the economy, adding that while dissent is essential, it must contribute meaningfully to policy debate.
