In a pointed critique, Atedo Peterside, founder of Stanbic IBTC Bank Plc, has lambasted the Federal Government over its mismanagement of cash transfer programs, citing a lack of transparency and inadequate structures to truly reach the nation’s poorest.
Peterside voiced his concerns on Thursday while speaking as chairman at the 23rd edition of Mike Okonkwo’s Annual Lecture, held at Shell Hall, Muson Center, Onikan, Lagos.
Peterside expressed alarm at the absence of a verifiable system to identify and support Nigeria’s most vulnerable citizens.
He described the current approach as deeply flawed, allowing for mismanagement of funds intended for those most in need.
“The people that I am particularly worried about in this country are the poorest of the poor, and we do not even have any proper arrangement for identifying them and doing cash transfers to them. Instead, what happens is that some authorities, or some ministries or some agencies collect money on their behalf and dispense it to whoever they want and whoever they like. It is not even transparent!” Peterside lamented.
He urged the government to overhaul its economic policies, particularly the social safety net, so that it benefits those who are truly in need. He emphasized that without an effective system in place, economic reforms would not achieve meaningful outcomes.
Peterside further criticized the poor conduct of political leaders, attributing Nigeria’s developmental challenges to unethical behavior. He highlighted the need for leaders to eschew bad conduct, warning that attempting to address misconduct with further misbehavior would only perpetuate the country’s problems.
“You cannot use bad behavior to correct bad behavior. Then you are as bad as the person you are correcting. If in an election you are my opponent and you are changing figures, hiring thugs, and beating up voters, if I do the same to beat you, then what have I achieved? We are back to square one,” Peterside cautioned.
Dr. Mike Okonkwo, the host and celebrant of the event, also used the platform to call for empathy from President Tinubu’s administration, stressing that the recent hike in fuel prices has been particularly hard on Nigerians. He highlighted the stark contrast between rising costs for the public and the government’s continued spending on luxuries.
“The hike in pump price is a challenging period because it appears everything is going higher and higher,” Okonkwo said.
He acknowledged that the current administration inherited a struggling economy, but emphasized that the government must show empathy by cutting back on its own spending.
“You cannot be telling Nigerians, ‘O things are hard’ and fuel prices are increasing, electricity costs are increasing, everything is increasing, and then you are enjoying luxury. So, it will be difficult to reconcile it,” he added.
Okonkwo also addressed the growing tension between the federal government and the organized labour, which has threatened further strikes over the economic situation. He urged the government to demonstrate its commitment to cost-cutting and good governance in order to win over labour groups and avoid further industrial actions.
“If the government is saying to labour, you should not go on strike, then show them, let there be a sign that you are also willing to cut down (cost of governance),” he said.
With the country facing severe economic challenges, both Peterside and Okonkwo stressed that responsible governance, fiscal discipline, and empathy for the masses are crucial for gaining public trust and achieving lasting reform.
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