Nigerian economist and businessman Atedo Peterside has criticised President Bola Tinubu’s economic reforms, arguing that the policies have improved the financial position of wealthier Nigerians while pushing millions of low-income households deeper into poverty.
Peterside, founder of Stanbic IBTC, raised the concerns during an interview on ARISE News on Monday, claiming that about 130 million Nigerians were becoming poorer despite improvements recorded by some investors and upper-middle-class earners.
He explained that Nigerians with investments in the stock market had benefited from recent economic developments, while workers earning low incomes and households without significant savings were struggling with rising living costs.
According to him, the benefits of the government’s economic policies have not been evenly distributed across different income groups.
“The reforms are making the rich richer and the poor poorer. My concern is for 130 million Nigerians who are getting poorer,” Peterside said.
The businessman also faulted the administration for implementing major economic reforms without establishing adequate social protection programmes to cushion the impact on vulnerable citizens.
He argued that effective safety nets were necessary to protect low-income households from the consequences of policy changes, particularly during periods of economic adjustment.
“What is missing is that the president carried out all these reforms but never put in place adequate safety nets for the very poor. It’s the safety nets that separate the poor and the rich,” he said.
The Presidency was yet to respond to Peterside’s comments at the time of reporting.
His remarks come days after President Tinubu blamed opposition politicians for the country’s persistent hunger and poverty, amid growing public concerns over the impact of his administration’s economic policies.
Since Tinubu assumed office in May 2023, the removal of the petrol subsidy and changes to the foreign exchange system have contributed to significant increases in fuel prices, transportation costs and the general cost of living.
The naira has also experienced substantial depreciation, while rising food prices have placed additional pressure on household spending and purchasing power.
Nigeria’s worsening food insecurity has attracted international attention. The 2025 Global Report on Food Crises, published by the Global Network Against Food Crises, identified Nigeria as the country with the largest increase in acute food insecurity globally in 2024.
Similarly, the International Monetary Fund has highlighted persistent poverty and food insecurity in the country, while the World Bank’s April 2025 Africa Pulse report warned that Nigeria had the highest number of extremely poor people in Africa and projected that more Nigerians could fall into poverty by 2027.
Peterside’s criticism adds to the ongoing debate over the distributional impact of the Tinubu administration’s economic reforms, particularly whether the policies are delivering sufficient benefits to ordinary Nigerians while addressing the country’s long-standing economic challenges.
