The Presidency has dismissed comments by economist and public affairs analyst, Pat Utomi, who described the Federal Government’s ongoing economic reforms as a “Ponzi scheme,” insisting that the claims are misleading and lack analytical depth.
Utomi had criticised the administration’s policy direction, labelling its reform programme as “ridiculous” and “poorly structured,” remarks that triggered a strong response from the Presidency.
In a detailed reaction, on Wednesday, April 15, the Special Adviser to the President on Media and Public Communication, Sunday Dare, rejected the assessment, describing it as “exaggerated” and unsupported by evidence.
He argued that Utomi’s interventions in public discourse often lean towards “alarmist rhetoric rather than evidence-based critique.”
Dare also questioned the economist’s record in public service and private sector engagements, suggesting a disconnect between his commentary and measurable outcomes from his past roles.
Defending the administration’s policies, Dare said the reforms introduced under President Bola Tinubu are structural in nature and aimed at correcting deep-rooted economic distortions.
He highlighted key measures, including the removal of fuel subsidy in May 2023, which he said eased fiscal pressure on the government and improved revenue distribution to states.
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He also referenced the unification of foreign exchange rates, noting that it was intended to enhance transparency and stability in the currency market.
According to him, these steps align with long-standing recommendations from global financial institutions such as the World Bank and the International Monetary Fund.
Dare further pointed to increased allocations from the Federation Account, stronger non-oil revenue performance, and ongoing efforts to stabilise external reserves as early indicators of progress under the reform agenda.
He maintained that describing the reforms as a “Ponzi scheme” reflects a misunderstanding of macroeconomic policy, stressing that the measures are designed to eliminate inefficiencies, restore investor confidence, and strengthen fiscal credibility.
While acknowledging the role of criticism in a democratic system, Dare emphasised that such scrutiny must be “constructive, rigorous, and supported by viable alternatives.”
He also listed ongoing initiatives in tax reform, customs modernisation, and digital revenue collection as part of a wider effort to reposition the economy.
Dare cautioned that unverified claims could undermine public understanding of the reforms, arguing that national debate must remain grounded in facts and policy alternatives rather than rhetoric alone.