Atedo Peterside, founder of Stanbic IBTC Bank, has said the Tinubu administration’s economic reforms have widened inequality, delivering stronger returns to wealthy investors while eroding living standards for low-income households.
In an interview on Arise News TV, the investment banker and economist argued that the removal of fuel subsidies and foreign exchange reforms have produced uneven outcomes across income groups. He said Nigerians with significant exposure to financial markets have recorded improved returns, while salaried workers continue to face rising living costs and declining purchasing power.
“The rich are getting richer, the poor are getting poorer,” Peterside said. He maintained that reform success should be measured not only through macroeconomic indicators but also through household welfare. According to him, individuals with substantial stock market investments are more likely to have benefited than workers who depend mainly on salaries.
“If you ask a rich man, he’ll tell you it’s working because he is getting richer. In fact, if you ask a very rich man, he’ll tell you the reforms are fantastic,” he said.
Peterside acknowledged that his own investment income had risen but argued that gains for wealthy Nigerians do not reflect broader economic conditions. “My concern is for the 140, 130 million Nigerians who are poor, who are getting poorer effectively,” he said. He partly linked the widening disparity to inadequate social protection measures accompanying the reforms, adding: “The government carried out all these reforms but never put in place adequate safety nets for the very poor.”
On regional poverty, Peterside presented official data showing roughly 12 states and the Federal Capital Territory recorded poverty rates below 50%, with many located in the Southwest. He described the Northwest, Northeast, North Central and South-South as zones with particularly high poverty levels. “High poverty in Nigeria is largely a zonal problem,” he said, cautioning that policymakers concentrated in Lagos and Abuja may underestimate hardship elsewhere.
Peterside’s comments come as financial market gains have yet to translate into broad household relief:
