Founder of Stanbic IBTC Bank Plc, Atedo Peterside, has criticised the distribution of benefits from President Bola Tinubu’s economic reforms, arguing that wealthy Nigerians have improved their financial positions while millions of low-income households have become worse off.
Peterside’s remarks highlight concerns about the social impact of the administration’s economic policies, particularly the pressure on households struggling with the rising cost of living.
Speaking during an interview on ARISE News on Monday, November 2, Peterside said Nigerians with substantial investments in the stock market and other financial assets were better positioned to benefit from the economic changes introduced since Tinubu assumed office in 2023.
However, he argued that low-income earners, particularly workers without significant savings, were struggling to afford food and meet basic household expenses.
He said: “The reforms are making the rich richer and the poor poorer. My concern is for 130 million Nigerians who are getting poorer.”
Peterside also criticised the government for failing to establish adequate social safety nets to cushion vulnerable households against the effects of the reforms.
According to him, economic policies should not be judged solely by improvements in financial markets or investment returns but also by whether ordinary Nigerians experience better living conditions.
He further highlighted regional differences in poverty levels, identifying the North-West, North-East, North-Central and South-South as areas facing particularly high poverty rates.
His comments have renewed debate over the distribution of economic gains under the Tinubu administration and whether the government’s reforms are translating into improved living standards for the wider population.
The Federal Government’s position on Peterside’s latest comments was not immediately available.
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