Prof. Pat Utomi, a renowned political economist, has criticised the Federal Government’s economic priorities, saying that most national resources were being directed to non-productive sectors, especially the political class, instead of boosting production.
Utomi said this on Channels Television’s Politics Today on Friday.
He emphasised that the government’s focus on revenue generation is hurting the economy rather than helping it.
“Most non-productive sectors, the political class, for example, and we need to get the resources that are available to go directly into ramping up food first of all, and then the value chain from those factor endowments around agriculture,” he said.
He argued that rising inflation and marginal currency stability had not translated into better living conditions for Nigerians.
“If you are from hell to purgatory, have you been saved from damnation?” he said, criticising claims that the economy is recovering.
Utomi said that resources should be channeled into productive sectors such agriculture, which could create jobs and stimulate economic growth.
He stressed that food security was crucial and that investing in agriculture could also help reduce food prices and improve living conditions.
Utomi insisted that progress should be measured by job creation and the affordability of basic needs, rather than just economic indicators.
He called for investments in agriculture, education, and healthcare to drive economic growth and improve the standard of living.
Utomi also criticised claims of economic recovery, arguing that rising inflation and marginal currency stability had not translated into better living conditions for Nigerians.
He used a metaphor to drive home his point, saying, “If you are from hell to purgatory, have you been saved from damnation?
To address the economic challenges, Utomi proposed the provide of massive incentives to young people to make farming attractive and encourage them to engage in agriculture.
He also proposed the establishment of special agricultural security forces, such as forest rangers, to protect farmlands and prevent conflicts between farmers and herders or attacks by bandits.
Utomi also called for support for farmers in implementing irrigation systems to enable year-round farming and increase food production.
