Atedo Peterside says Tinubu's reforms are making the rich richer and the poor poorer
Investment banker and IBTC founder Atedo Peterside says the Tinubu administration's economic reforms are widening the gap between rich and poor Nigerians.
What he said
Speaking in a television interview on Monday night, 2 November 2026, Peterside reportedly said that whether the reforms are working depends on who is asked. He said upper-middle-class Nigerians with investments in the stock market are probably better off than they were three years ago, while low-income workers with little savings who struggle to eat two meals a day and pay their bills are a lot worse off. He admitted that his own investment income had risen, but said his concern was for the 130 to 140 million Nigerians who are poor and getting poorer.
Background
The government removed the petrol subsidy and unified the exchange rate in 2023, moves that pushed up prices but which it says were needed to rescue the economy. Officials point to falling inflation, which dropped to 14.63 per cent in September, rising foreign reserves and a stock market that hit a record high last week. Critics say these gains have not yet reached ordinary households, many of whom still struggle with high food and transport costs.
Political debate
The state of the economy is a central issue in the 2027 campaign. Opposition candidates say the reforms have made life harder, while the government says it is cushioning the poor through cash transfers and credit schemes.
- Peterside says investors are better off, low-income workers worse off.
- He says over 130 million Nigerians are poor.
- The government points to falling inflation and a record stock market.
