Renowned economist, Prof. Pat Utomi, has warned the President Bola Tinubu administration to take urgent steps to halt the rapid decline of the naira, stating that “Nigeria will die” if nothing is done.
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In an interview on Monday, Utomi lamented that the naira has lost over 40% of its value since the removal of fuel subsidy by Tinubu in May. He said unless the government focuses on saving Nigeria, the country is headed for collapse.
“If the president and national assembly do not focus on how to save the nation, Nigeria will die,” Utomi declared. He criticized the political class for stealing public funds instead of uniting to address the crisis.
The professor admonished Tinubu that this was not “business as usual” and Nigeria’s survival was at stake without strong action. He recounted past efforts to stabilize the forex market which were ruined by fiscal sabotage.
Utomi disclosed that he had previously warned ex-CBN governor, Godwin Emefiele, not to dabble into fiscal policies but was ignored. He noted that the new CBN governor, Yemi Cardoso, must take impactful action beyond mere speeches to succeed in correcting the naira crisis.
With the naira trading above N1150 to the dollar on parallel markets, Utomi’s warning underlines expert concerns that the currency crisis risks social unrest and severe economic consequences if unabated. The Tinubu administration faces calls for urgent steps to avoid Nigeria becoming a failed state.
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