Economic reforms worsened poverty, favoured the rich – Peterside.
He spoke while appearing on Arise News TV.
According to him, the administration’s fuel subsidy removal and foreign exchange reforms have produced contrasting outcomes for different income groups.
[…] Founder of Stanbic IBTC Bank, Atedo Peterside, has insisted that President Bola Tinubu’s economic reforms have benefited wealthy Nigerians while worsening the financial conditions of low-income households.
Peterside stated that 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. “The rich are getting richer, the poor are getting poorer,” Peterside said. The economist said that the success of the government’s economic reforms should be assessed not only through macroeconomic indicators but also through their impact on household welfare. 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.
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