{
  "id": 17944699,
  "title": "Tinubu’s economic reforms have favoured the rich, worsened poverty – Atedo Peterside",
  "url": "https://urgent.news/2026/11/03/tinubus-economic-reforms-have-favoured-the-rich-worsened-poverty",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-03T09:43:24.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/11/03/tinubus-economic-reforms-have-favoured-the-rich-worsened-poverty-atedo-peterside/"
  },
  "original_language": "en",
  "account": "Investment banker Atedo Peterside has criticized President Bola Tinubu's economic reforms, claiming they have disproportionately benefited the wealthy while exacerbating poverty among ordinary Nigerians. Speaking on Arise News TV, Peterside noted that the removal of fuel subsidies and foreign exchange policies have produced divergent results for different income groups. While wealthy investors with stakes in the financial markets have seen improved returns, regular workers continue to grapple with rising living expenses and diminished purchasing power. Peterside argued that the success of the reforms should be evaluated not just by macroeconomic metrics, but also their impact on household welfare. According to him, Nigerians with substantial investments in the stock market have more likely benefited from the reforms than workers who rely on salaries. He acknowledged his own investment income had grown but insisted that the financial improvement of wealthy individuals does not reflect the broader economic picture. The widening disparity, Peterside attributed to the government's lack of social protection measures introduced alongside the reforms. He presented official poverty data, showing that around 12 states and the Federal Capital Territory had poverty rates below 50%, predominantly in the Southwest. Conversely, he identified the Northwest, Northeast, North Central, and South-South as regions with significantly higher poverty levels. Peterside cautioned that policymakers, often based in prosperous cities like Lagos and Abuja, might underestimate the severity of hardship in other parts of the country. He emphasized that the effectiveness of economic reforms should be measured by whether they enhance living standards across income groups and regions. This comes as concerns arise that improved financial market conditions have not yet translated into tangible gains for ordinary households. Nairametrics reported last October that the Federal Government had provided N658.9 billion to 10.46 million vulnerable households, although the World Bank identified shortcomings in coverage, payment adequacy, and consistency.",
  "summary": "Atedo Peterside, founder of Stanbic IBTC Bank, has criticised President Bola Tinubu’s economic reforms, arguing that the policies have disproportionately benefited wealthy Nigerians while worsening the financial conditions of millions of low-income households. The post Tinubu’s economic reforms have favoured the rich, worsened poverty – Atedo Peterside appeared first on Nairametrics .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}