In a recent interview with Channels TV, Professor Pat Utomi criticized the Nigerian political class for the country’s economic difficulties, accusing them of collective responsibility for the nation’s current hardships. He particularly highlighted the mismanagement within the Nigerian National Petroleum Corporation Limited (NNPCL), describing it as opaque and corrupt. Utomi argued that before imposing price hikes on citizens, the government should first address the corruption and inefficiencies in the NNPCL, which he believes could reduce the need for subsidies by over 60%.
Utomi emphasized the need for strategic economic planning tailored to Nigeria’s unique situation, rather than simply following international financial institutions’ recommendations, like increasing taxes without considering the heavy social burdens already carried by the Nigerian middle class. He also criticized the current approach to fuel subsidies, suggesting that while subsidies are not inherently good, they can be useful when strategically applied to stimulate production and improve the quality of life.
On the broader issue of governance, Utomi argued that Nigeria’s political class has consistently failed the country, leading to widespread public distrust. He called for a collective mea culpa from the political class and suggested that true leadership would involve leading by example, such as cutting back on extravagant spending and perks.
If he were in President Bola Tinubu’s position, Utomi stated that he would focus on subsidizing essential resources that contribute to rebuilding the nation while curbing frivolous consumption. He also advocated for policies that would stimulate food production as a means to reduce inflation and alleviate economic pressures on Nigerians.
