Government Increased Revenue Not Reflecting On Masses — Atedo Peterside
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.
Bread, the one thing no household can do without, now costs far more than it did at the start of the year.
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He dismissed claims that government spending was responsible for inflation, noting that both state and 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.
