Atedo Peterside, a Nigerian businessman and founder of Stanbic IBTC, has criticised President Bola Tinubu’s administration for reforms that favour the rich while making 130 million Nigerians poorer.

“If you’re upper middle class and you had investments in the stock exchange, you’re probably better off in the last three years. If you’re a low-income, struggling worker without much savings, I can show you that you’re a lot worse off,” Mr Peterside said on ARISE TV on Monday. “So what I am saying is that the reforms are making the rich richer and the poor poorer. My concern is for 130 million Nigerians who are getting poorer.”

The economist, who cited high poverty levels across the country, accused Mr Tinubu’s administration of implementing reforms without thinking of safety nets for poor Nigerians.

He added, “What is missing is that the president carried out all these reforms but never put in place adequate safety nets for the very poor. It’s the safety nets that separate the poor and the rich.”

The presidency could not be immediately reached for comment. 

The economist’s statement came days after Mr Tinubu blamed the opposition for the widespread hunger and poverty in the country.

Since the president assumed power in 2023, Nigerians have experienced a significant spike in fuel prices, while the naira has collapsed to over N1,350 to a dollar.

Mr Tinubu’s economic reforms also drove up food prices, transportation costs, and the cost of living, with Nigeria recording the largest increase in acute food insecurity globally in 2024, according to the 2025 Global Report on Food Crises, published by the Global Network Against Food Crises.

The International Monetary Fund also reported that poverty and food insecurity remained high under Mr Tinubu, and the World Bank’s Africa Pulse report of April 2025 decried the highest number of extremely poor people in the country, warning that more Nigerians would be plunged into poverty by 2027.