Nigerian businessman and economist Atedo Peterside has criticised President Bola Tinubu’s economic reforms, saying they have made life harder for low-income earners while benefiting wealthier Nigerians.
Peterside, founder of Stanbic IBTC, made the remarks during an interview on ARISE TV on Monday, expressing concern that about 130 million Nigerians were becoming poorer. He explained that people with investments in the stock market and higher incomes may have benefited from the economic changes, while struggling workers without significant savings have been worse affected.
According to him, the government introduced major economic reforms without putting enough support measures in place to protect poor Nigerians. Peterside said adequate safety nets were necessary to reduce the hardship faced by vulnerable people and ensure that the benefits of economic reforms were not limited to wealthier citizens. His comments came days after President Tinubu blamed opposition parties for the widespread hunger and poverty in the country.
Since Tinubu assumed office in 2023, Nigerians have faced higher fuel prices, increased food costs, rising transportation expenses and a growing cost of living. The report also cited the 2025 Global Report on Food Crises, which identified Nigeria as having recorded the largest increase in acute food insecurity globally in 2024. It further noted that the International Monetary Fund reported continued high levels of poverty and food insecurity under the Tinubu administration, while the World Bank’s April 2025 Africa Pulse report warned that more Nigerians could fall into poverty by 2027.
