Presidency Defends Tinubu's Economic Reforms Against Utomi

The Nigerian presidency has publicly rebuked economist Pat Utomi for his critical comments regarding President Bola Tinubu's economic reform program, which Utomi described as poorly structured and akin to a Ponzi scheme. In a statement released on Wednesday, presidential aide Sundai Dare accused Utomi of engaging in grandstanding and failing to provide credible alternatives to the current economic policies.

Dare argued that Utomi's interventions often lack scrutiny and credibility in contributing to Nigeria's economic development. He emphasized that the Tinubu administration's reforms are grounded in practical economic actions, such as the removal of fuel subsidies and the unification of the foreign exchange rate, which aim to improve revenue flow and strengthen fiscal stability.

Dare contended that labeling these reforms as a Ponzi scheme is misplaced and reflects a lack of intellectual rigor. He acknowledged that while the reforms face challenges, they are essential steps toward achieving long-term economic stability.