Nigerian entrepreneur and investment banker, Atedo Peterside, has criticised the Federal Government for failing to translate rising revenues into better living conditions for citizens.
The economist, in an interview on Channels Television’s Politics Today, said the government should focus on policies that attract investors and build public confidence in the economy.
“The government is supposed to be doing a whole series of things to make the economy more attractive for investors. You have to make sure investors are getting confidence,” he stated.
He expressed concern that Nigeria’s economic structure increasingly benefits a small elite.
“What I see increasingly is that this economy only works for a few people. If we’re not careful, GDP will grow, but income distribution will worsen, with the very rich getting richer and the poor getting poorer,” he said.
The ANAP Foundation founder warned that many Nigerians were being pushed into poverty daily due to reduced purchasing power and weak disposable income.
Peterside said it was not enough to record GDP growth when millions remain trapped in poverty.
“The purpose of all this was to improve the livelihoods of 220 million Nigerians. It’s not enough to just achieve GDP growth when the very rich get richer and the poor get poorer,” he said.
local governments have seen increased allocations but are failing to use them effectively.
“There’s no inflation created by spending money that you have. Inflation comes when you’re printing money without resources.
“State governments have more money. LGAs have more money. But instead of improving lives, the money is being captured by the elites. Each time the president travels, about 400 people take vehicles from all over the place, burning fuel to accompany him,” he lamented.
The investment banker said the government had abandoned the Oronsaye Report, which recommended streamlining agencies and cutting waste.
“In 2012, when we discussed removing fuel subsidy, there was also talk about implementing the Oronsaye report and reducing waste,” he recalled. “Here, the government pays lip service to the report and disappears. They go and spend the money lavishly.”
He urged leaders to eliminate wasteful spending and channel funds into productive sectors.
“The gains will only come if you eliminate waste, use money judiciously, and improve infrastructure, both physical and social,” Peterside said.
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