Peterside: Tinubu Reforms Enrich Wealthy While 130M Poor Get Poorer
Atedo Peterside, Stanbic IBTC founder, told Arise News TV this week that Tinubu's fuel subsidy removal and FX reforms have widened inequality—wealthy Nigerians with stock market investments are richer, while 130-140 million poor Nigerians are poorer. "The rich are getting richer, the poor are getting poorer," he said, noting his own investment income rose but arguing macroeconomic gains don't reflect household reality.
Peterside presented official poverty data showing 12 states plus FCT below 50% poverty (mostly Southwest), while Northwest, Northeast, North Central and South-South face severe hardship. He warned policymakers in Lagos and Abuja underestimate zonal disparities. Meanwhile, Nairametrics reports the stock market surged 348% in Tinubu's first three years—market cap jumping from ₦30.38 trillion to ₦160.09 trillion—yet consumer welfare weakened.
The FG disbursed ₦658.9 billion to 10.46 million vulnerable households, but the World Bank flags coverage gaps, inadequate payments, and inconsistency. Peterside's core critique: reforms launched without adequate safety nets.
With markets booming but wages stagnant, will you advocate for targeted social protection, diversify into assets that benefit from reform trends, or demand policies that measure success by household welfare—not just GDP?