The founder of Stanbic IBTC and ANAP Foundation, Atedo Peterside, has criticized the Federal Government’s decision to provide a N90 billion subsidy for the 2024 Hajj, describing it as a “wrong signal” and “setback for Nigeria’s economy.”
“This is not about religion, but about politics. We are mixing religion and politics. So, what do we now expect Christians to do? – to say they want their own share of this subsidy,” Peterside said in a recent interview on Channels Television’s Politics Today. “How are you going to refuse them? This is all about politics, perhaps someone feels that ‘it is time for me to score some cheap political points.'”
Peterside warned that the subsidy would have far-reaching consequences, including undermining efforts to address the country’s economic challenges. “Each time you turn around and do something insignificant like this and throw away N90 billion, you set back the process by which investors and others can take you seriously,” he said.
The economist also addressed the depreciation of the naira against the dollar, advising the government to take a gradual approach to stabilizing the currency. “I will be fair to this government, they inherited the exchange rate problem, and what they have been doing is trying to manage it. Recently, I would have thought, let’s get some stability around N1,300 or N1,400, don’t be in a hurry to appreciate the exchange rate,” Peterside said. “Going to sell dollars to bureau de change at N1,000, N1,050, those guys will turn around two weeks later and sell it at N1,400, N1,500, and they will go away laughing. What’s the point of that?”
Peterside’s warning comes as the country grapples with economic uncertainty, and his words are a stark reminder of the need for prudent decision-making in the face of economic challenges.
