The Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, has strongly criticised economist Pat Utomi over his remarks describing the Federal Government’s economic reforms as a Ponzi scheme.
Utomi had earlier labelled the administration’s reform programme as poorly structured and ineffective, prompting a sharp rebuttal from the presidency. In response, Dare dismissed the claims as exaggerated and lacking analytical depth, arguing that such commentary leans more on alarmist rhetoric than on evidence based analysis.
Dare also questioned Utomi’s track record in both public service and private sector engagements, suggesting a disconnect between his frequent critiques and measurable outcomes from his past roles.
Defending the government’s policies, Dare maintained that the reforms introduced under President Tinubu are structural and designed to correct long standing distortions in Nigeria’s economy. He pointed to key decisions such as the removal of fuel subsidy in May 2023 and the unification of exce rates as critical steps toward improving fiscal ility and transparency.
According to Dare, these reforms align with recommendations from global institutions like the World Bank and the International Monetary Fund. He added that early indicators such as increased Federation Account allocations, improved non oil revenue, and efforts to ilise external reserves show signs of progress.
Dare argued that describing the reforms as a Ponzi scheme reflects a misunderstanding of macroeconomic principles, emphasizing that the policies aim to eliminate inefficiencies, restore investor confidence, and rebuild fiscal credibility.
While acknowledging the role of criticism in a democracy, he stressed that public discourse must remain constructive, rigorous, and backed by practical alternatives. He warned that unsubstantiated claims could distract from ongoing efforts to ilise and reform the Nigerian economy.
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