Atedo Peterside, founder of Stanbic IBTC Bank, has criticised President Bola Tinubu\u2019s economic reforms, arguing that the policies have disproportionately benefited wealthy Nigerians while worsening the financial conditions of millions of low-income households.<\/p>\n
Speaking during an interview on Arise News TV, the investment banker and economist said the administration\u2019s fuel subsidy removal and foreign exchange reforms have produced contrasting outcomes for different income groups.<\/p>\n
According to Peterside, while wealthy Nigerians with investments in financial markets have recorded improved returns, ordinary workers continue to struggle with rising living costs and declining purchasing power.<\/p>\n
Peterside Says Reforms Favour Wealthy Nigerians<\/strong><\/p>\n He argued that the success of the government\u2019s economic reforms should be assessed not only through macroeconomic indicators but also through their impact on household welfare.<\/p>\n Peterside explained that Nigerians with substantial investments in the stock market are more likely to have benefited from the reforms than workers who depend primarily on salaries.<\/p>\n He acknowledged that his own investment income had increased but maintained that improvements in the financial circumstances of wealthy Nigerians did not necessarily reflect the broader economic reality.<\/p>\n He attributed the widening economic disparity partly to the government\u2019s failure to introduce adequate social protection measures alongside its reforms.<\/p>\n Presenting official poverty data during the interview, Peterside highlighted significant differences in poverty levels across Nigeria\u2019s geopolitical zones.<\/p>\n He said approximately 12 states and the Federal Capital Territory recorded poverty rates below 50%, with many of those states concentrated in the Southwest.<\/p>\n By contrast, he identified the Northwest, Northeast, North Central and South-South as regions experiencing particularly high poverty levels.<\/p>\n Peterside argued that policymakers who spend most of their time in relatively prosperous cities such as Lagos and Abuja may underestimate the severity of hardship in other parts of the country.<\/p>\n He maintained that the effectiveness of economic reforms ultimately depends on whether they improve living standards across income groups and regions.<\/p>\n Peterside\u2019s remarks come amid concerns that improvements in Nigeria\u2019s financial markets have yet to translate into meaningful gains for ordinary households.<\/p>\n\n
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Poverty varies significantly across regions<\/strong><\/h4>\n
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Stock Market Gains Contrast Household Hardship<\/h4>\n