{"id":361741,"date":"2025-08-02T11:39:05","date_gmt":"2025-08-02T10:39:05","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=361741"},"modified":"2025-08-02T11:39:05","modified_gmt":"2025-08-02T10:39:05","slug":"pat-utomi-faults-fgs-revenue-obsession-says-it-stifles-economic-growth","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2025\/08\/02\/pat-utomi-faults-fgs-revenue-obsession-says-it-stifles-economic-growth\/","title":{"rendered":"Pat Utomi faults FG\u2019s revenue obsession, says it stifles economic growth"},"content":{"rendered":"<ul>\n<li><strong>Utomi said Nigeria\u2019s economic resources are being wasted on politicians while productive sectors like agriculture are left underfunded.<\/strong><\/li>\n<li><b>He revealed that traders now pay up to N18 million per container at the ports, forcing many out of business.<\/b><\/li>\n<\/ul>\n<hr \/>\n<p>The professor of political economy, Pat Utomi, has criticised the federal government\u2019s economic priorities, describing them as misplaced and detrimental to national growth.<\/p>\n<p>Utomi said the government\u2019s obsession with revenue generation is suffocating the economy and frustrating efforts to drive sustainable development.<\/p>\n<p>He <a href=\"https:\/\/youtu.be\/bZOOYUelss0?si=5oEymsoN5RLYYRyk\"><strong>spoke<\/strong><\/a> on Friday during an interview on Channels Television\u2019s Politics Today.<\/p>\n<p>Utomi said the federal government is channelling most of the nation\u2019s resources towards the political class rather than productive sectors capable of stimulating economic expansion.<\/p>\n<p>\u201cMost non-productive sectors, the political class, for example, and we need to get the resources that are available to go directly into ramping up food first of all, and then the value chain from those factor endowments around agriculture,\u201d he said.<\/p>\n<p>He stated that the government\u2019s aggressive revenue drive is forcing traders and importers out of business due to prohibitive port charges.<\/p>\n<p>\u201cAsk any trader today how much they can bring through the ports. The desperation for rising revenue means that every container is being sold at about N18 million or some similar amount,\u201d he said.<\/p>\n<p>Utomi pointed out that pharmaceutical importers are now unable to maintain supply due to thin profit margins on critical drugs like anti-malarials.<\/p>\n<p>\u201cMany pharmaceutical importers have very thin margins on their anti-malarials and related drugs.<\/p>\n<p>\u201cWhen they come through the ports in this desperation for revenue and get hit with tax on each container, it means they can\u2019t import a new set of containers of anti-malarials,\u201d he added.<\/p>\n<p>The professor lamented that the current economic model benefits only politicians while worsening the living conditions of ordinary Nigerians.<\/p>\n<p>\u201cIt means that while government revenues are going up \u2014 and are being squandered by politicians \u2014 the Nigerian people have no possibility of a better life.<\/p>\n<p>\u201cThis revenue issue needs to be put in context and properly understood. To use revenue as evidence of progress is not to understand economics,\u201d he said.<\/p>\n<p>Utomi warned that slight stability in the naira and official pronouncements on economic recovery are meaningless if inflation continues to erode the people\u2019s purchasing power.<\/p>\n<p>\u201cIf you are from hell to purgatory, have you been saved from damnation?\u201d he asked, while dismissing claims that the economy is improving.<\/p>\n<p>He argued that genuine economic recovery can only be assessed through job creation and affordability of basic goods.<\/p>\n<p>\u201cFood is the ultimate. When people can\u2019t eat, anything can happen,\u201d Utomi declared.<\/p>\n<p>He urged the federal government to prioritise investment in agriculture, education, and healthcare as critical pillars for Nigeria\u2019s future.<\/p>\n<p>The National Bureau of Statistics (NBS), on July 21, reported that Nigeria\u2019s annual gross domestic product (GDP) growth rate stood at 3.13 percent in the first quarter of 2025.<\/p>\n<p>The figure was higher than the 2.27 percent GDP growth recorded in the corresponding period of 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Utomi said Nigeria\u2019s economic resources are being wasted on politicians while productive sectors like agriculture are left underfunded. He revealed that traders now pay up to N18 million per container at the ports, forcing many out of business. The professor of political economy, Pat Utomi, has criticised the federal government\u2019s economic priorities, describing them as [&hellip;]<\/p>\n","protected":false},"author":43,"featured_media":361742,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","subtitle":""},"jnews_primary_category":[],"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[4],"tags":[88193,2133,14946,13865,7874,52029,2882],"class_list":["post-361741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics","tag-agriculture-investment","tag-federal-government","tag-importation","tag-nigerian-economy","tag-pat-utomi","tag-political-economy","tag-revenue-generation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Pat Utomi faults FG\u2019s revenue obsession, says it stifles economic growth<\/title>\n<meta name=\"description\" content=\"The professor of political economy, Pat Utomi, has criticised the federal government\u2019s economic priorities, describing them as misplaced and detrimental to national growth.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2025\/08\/02\/pat-utomi-faults-fgs-revenue-obsession-says-it-stifles-economic-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pat Utomi faults FG\u2019s revenue obsession, says it stifles economic growth\" \/>\n<meta property=\"og:description\" content=\"Utomi said Nigeria\u2019s economic resources are being wasted on politicians while productive sectors like agriculture are left underfunded. 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