Political economist Prof Pat Utomi has urged opposition parties to unite and rescue Nigeria from what he termed the "ponzi economics" of the All Progressives Congress (APC) federal government. He made the call during a speech at the opposition parties' summit in Ibadan, Oyo State, on Saturday. Utomi described the nation's current economic state as a "moral outrage," citing a PiggyVest report that 58 percent of Nigerians earn less than ₦100,000 monthly. He contrasted this with the lavish lifestyles of political elites, referencing a personal experience at a Lagos petrol station where filling his tank cost two and a half times the average citizen's monthly income.
He pointed to a passing seven-car convoy as symbolic of the earnings of about 20 ordinary Nigerians. According to Utomi, nearly 130 million Nigerians live in multidimensional poverty, based on World Bank data. He accused the federal government of profligate spending, reckless borrowing, and treasury looting, which he said have worsened inequality. The professor recalled that by 1960, manufacturing contributed about 20 percent to GDP due to regional competition and industrial investments, a level not seen today.
Utomi attributed economic decline to eroded values and leadership failures, stating, "Our economy is where it is because character has been lost." He called for a shift from consumption-driven growth to production-led development, advocating job creation, export-oriented manufacturing, and inclusion. He also urged decentralised development through state and local governments, with industrial clusters tied to local resources.
Prof Pat Utomi condemns elite excess while relying on a personal anecdote about fuel costs, yet offers no plan to hold specific opposition leaders to the same standard. His call for moral leadership rings hollow without naming which opposition figures have demonstrated such integrity. If character matters, Nigerians deserve to know who among current politicians meets that bar. The silence on that front weakens his entire argument.
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