Political economist and public affairs analyst, Professor Pat Utomi, has come down hard on the National Assembly for approving a controversial borrowing plan exceeding $29 billion.
The economist warned that such unchecked debt accumulation could jeopardize Nigeria’s future and called for a constitutional overhaul mandating a balanced budget except when projected returns outweigh amortisation costs.
Speaking in Lagos, Utomi pointed to rampant corruption and poor governance as core drivers of Nigeria’s economic decay.
He pushed for “new thinking” in public service, urging the adoption of blockchain technology and the recruitment of individuals with proven integrity.
The borrowing decision has ignited a storm of reactions across the political landscape.
Defending the administration, Special Adviser to the President on Information and Strategy, Bayo Onanuga, responded to the backlash over the $22.5 billion loan approved by the National Assembly, stressing that the Ministry of Finance had already provided detailed information two months prior.
“Effective opposition requires engagement based on verifiable facts and precise analysis, rather than relying on lies, misleading narratives or unsubstantiated claims,” Onanuga wrote on X.
He described much of the criticism as baseless, arguing that constructive discourse should be rooted in analytical scrutiny, not misinformation.
However, Labour Party presidential candidate Peter Obi sharply disagreed with the government’s portrayal of the economic situation.
In a statement, he accused the Tinubu administration of manipulating data to obscure the nation’s worsening financial state.
“Tinubu’s administration is attempting to put a positive spin on the deteriorating economic and household conditions in Nigeria,” Obi said, alleging the government is misrepresenting statistics on inflation, unemployment, and GDP rebasing.
He pointed to a 2022 campaign remark by President Tinubu, where he reportedly dismissed data analysis with the phrase:
“Na statistics we go chop? All I want is to put food on the table of Nigerians.”
Obi lamented that despite such promises, Nigeria now ranks among the world’s hungriest countries, with millions facing daily struggles to meet basic needs.
He underscored the qualities he believes are vital for leadership:
“Governance is not rocket science; it’s not a gamble. Like I have always reiterated, it requires sincerity of purpose, character, competence, capacity and compassion.”
