A political economist, Pat Utomi, has called on opposition parties to “rescue” Nigeria from what he described as “ponzi economics” under the All Progressives Congress (APC)-led administration.
Utomi made the remarks at an opposition parties’ summit held in Ibadan, on Saturday Oyo State, where he characterised the country’s current economic situation as a “moral outrage.”
Speaking on the theme, “Rebuilding a Productive, Dynamic and Efficient Economy for Nigeria,” he urged political actors outside government to pursue an alternative path rooted in production, fiscal discipline, and inclusive growth.
He painted a bleak picture of worsening inequality and widespread hardship, citing data from PiggyVest showing that 58 per cent of Nigerians earn less than N100,000 monthly.
Utomi contrasted this with what he described as the excesses of the political elite, arguing that the gap between leaders and ordinary citizens continues to widen.
Recounting a personal experience at a petrol station in Lagos, he said the cost of filling his fuel tank was equivalent to “two and a half times the monthly income of many Nigerians.”
He added that the sight of a seven-car convoy passing by 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 said.
The economist accused the federal government of excessive spending and poor fiscal management.
He criticised what he termed “profligate spending, reckless borrowing and treasury looting,” warning that such practices have worsened poverty and inequality across the country.
Citing data from the World Bank, Utomi noted that nearly 130 million Nigerians are living in multidimensional poverty, raising concerns over the apparent lack of widespread civic response.
He further argued that Nigeria’s economic trajectory has become unsustainable, stressing the need for urgent reforms.
Reflecting on the country’s past, Utomi said Nigeria once pursued industrialisation with clear vision and discipline, suggesting that a return to those principles is essential for long-term recovery.
