Presidency fires back at Utomi, says Tinubu’s reforms not ‘Ponzi Scheme’ 

By Kazeem Ugbodaga

The Presidency has strongly criticised political economist, Prof. Pat Utomi, over his recent comments describing President Bola Tinubu’s economic reform programme as “ridiculous,” “poorly structured,” and a “Ponzi scheme.”

In a detailed response on Wednesday, Presidential aide Sunday Dare dismissed Utomi’s remarks as exaggerated and lacking substance, accusing him of engaging in what he described as “grandstanding and gloom.”

“Professor Pat Utomi has once again chosen to dance naked in the public square, playing to the gallery with a familiar cocktail of grandstanding and gloom,” Dare said.

Dare argued that Utomi’s interventions often fail to withstand scrutiny, questioning his credibility and contributions to Nigeria’s economic development.

“At this point, the issue is no longer what Utomi is saying. The issue is why his interventions consistently collapse under the weight of their own exaggeration,” he stated.

The presidential aide maintained that the Tinubu administration’s reforms were grounded in measurable economic actions rather than theory, pointing to key policy decisions such as the removal of fuel subsidy and the unification of foreign exchange rates.

“These are not theoretical positions. They are structural actions with verifiable fiscal impact,” Dare said, noting that the reforms had improved revenue flows to states and strengthened fiscal stability.

He further contended that criticism labelling the reforms a “Ponzi scheme” was misplaced and lacked intellectual rigour.

“Let’s be blunt. Calling a national reform programme a ‘Ponzi scheme’ is not provocative, it is intellectually hollow,” he said.

Dare argued that the reforms were aimed at eliminating fiscal leakages, restoring transparency in the foreign exchange market, and rebuilding investor confidence in the Nigerian economy.

He also accused Utomi of failing to provide credible alternatives to the policies he criticised.

“Utomi offers no coherent alternative framework, no credible sequencing model, no fiscal pathway that avoids the very crisis he warns about,” Dare said.

The presidential aide suggested that growing criticism from some quarters could be linked to disruptions caused by ongoing reforms, which he said were dismantling long-standing economic inefficiencies.

“There is a pattern here that is too glaring to ignore. Now that architecture is being disrupted, the volume of outrage has gone up. This is not a coincidence,” he added.

While acknowledging that the reforms were not without challenges, Dare insisted they were necessary steps toward long-term economic stability.

“Nigeria’s reforms are not beyond criticism. But they are on track and trackable,” he said.

Utomi had earlier criticised the administration’s policies, sparking debate among economists and political analysts over the direction and impact of ongoing economic reforms.

The latest exchange underscores widening divisions among policy commentators and government officials over the effectiveness of the Tinubu administration’s economic strategy.