FG’s desperation for revenue stifling economic growth, says Pat Utomi

Utomi

Pat Utomi, the professor of political economy, has faulted the federal government’s economic priorities.

Speaking on Channels Television’s Politics Today on Friday, Utomi said the government’s “obsession” with revenue generation is damaging the economy.

Utomi claimed that most of the country’s resources are being channelled to the political class rather than the productive sectors that can stimulate growth.

“Most 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,” he said.Utomi said the government’s revenue drive is pricing traders and importers out of business.

“Ask 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,” he said.

“Many pharmaceutical importers have very thin margins on their anti-malarials and related drugs.

“When they come through the ports in this desperation for revenue and get hit with tax on each container, it means they can’t import a new set of containers of anti-malarials.”

The professor said such a system benefits only politicians while worsening the lives of ordinary Nigerians.