Renowned professor of political economy, Pat Utomi, has declared that a major reduction in the cost of governance would be one of his top priorities if he were given the opportunity to lead Nigeria. He made this known during an appearance on Sunday Politics, where he shared his views on the country’s economic realities and the growing hardship faced by citizens.
Utomi argued that it was unreasonable for government at all levels to maintain an extravagant style of administration while ordinary Nigerians struggle with rising living costs, unemployment and declining purchasing power. According to him, the current cost of running government in Nigeria is unsustainably high and places an unfair burden on the population.
He stressed that public leadership should be driven by prudence and empathy, noting that governance should not thrive at the expense of the people it is meant to serve. In his view, significant savings could be achieved by cutting waste, reducing excessive perks and streamlining government operations.
Beyond reducing expenditure, Utomi said his economic vision would focus heavily on boosting production. He explained that Nigeria has not done enough to deliberately stimulate local production and industrial growth, a gap he believes can be addressed through clear and intentional industrial policies. Such policies, he said, would help create jobs, strengthen the economy and reduce the country’s overdependence on imports.
On the issue of taxation, Utomi clarified that he supports tax reforms and sees them as necessary for national development. However, he cautioned that tax revenues must be handled responsibly and not become an excuse for unchecked or wasteful government spending. According to him, taxes should be a tool for development, not a pipeline for financial recklessness.
He also called for constitutional reforms aimed at enforcing fiscal discipline, particularly in how public funds are spent. Utomi argued that there should be clear limits on government expenditure to ensure accountability and sustainability.
Emphasising the need for sound financial management, he added that Nigeria must work towards operating a balanced budget, where revenues are carefully matched with expenditures. He concluded that prudent management of public finances, combined with cost reduction and productive investment, is essential to addressing the country’s economic challenges and restoring public confidence in governance.
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