Sunday Dare blasts Pat Utomi for calling Tinubu’s reforms ‘Ponzi scheme’

The Special Adviser to President Bola Ahmed Tinubu on Media and Public Communication, Sunday Dare, has criticised economist and public affairs commentator, Pat Utomi, over his remarks describing the Federal Government’s economic reforms as a “Ponzi scheme.”

Utomi had labelled the administration’s reform programme as “ridiculous” and “poorly structured,” drawing a sharp response from the presidency.

In a detailed rebuttal, Dare dismissed the claims as “exaggerated” and lacking “analytical depth,” arguing that Utomi’s contributions to national discourse often rely on “alarmist rhetoric rather than evidence-based critique.”

He also questioned Utomi’s track record in both the public and private sectors, suggesting a gap between his commentary and measurable outcomes from past engagements.

Defending the government’s economic policies, Dare said the reforms introduced under President Bola Tinubu are structural and aimed at addressing long-standing distortions in the economy.

He cited the removal of fuel subsidy in May 2023, which he said eliminated a major fiscal burden and improved revenue allocation to states, as well as the unification of exchange rates to boost transparency in the foreign exchange market.

According to Dare, these measures are consistent with recommendations from global financial institutions such as the World Bank and the International Monetary Fund.

He further pointed to improvements in Federation Account allocations, non-oil revenue performance, and efforts to stabilise external reserves as early signs of progress.

Dare argued that describing the reforms as a “Ponzi scheme” reflects a misunderstanding of macroeconomic principles, stressing that the policies are designed to eliminate inefficiencies, restore market confidence, and rebuild fiscal credibility.

While acknowledging the importance of scrutiny in a democratic system, he maintained that criticism must be “constructive, rigorous, and supported by viable alternatives.”

He also highlighted ongoing reforms in taxation, customs modernisation, and digital revenue systems as part of a broader strategy to strengthen the country’s economic framework.

Dare warned that unsubstantiated claims could distract from efforts to stabilise and reform the economy, adding that while dissent is essential, it must contribute meaningfully to policy debate.

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