FG neglecting needs of the poor – Atedo Peterside

Atedo Peterside, founder of Stanbic IBTC Bank Plc, has strongly criticized the federal government for neglecting the needs of the poor, citing a flawed cash transfer policy that he claims lacks transparency and reliable data.

Speaking at the 23rd Mike Okonkwo Annual Lecture held at Shell Hall, Muson Center, Lagos on Thursday, Peterside called for an overhaul of the government’s social safety net program.

He emphasized the need for reforms to ensure that the initiative genuinely reaches and benefits vulnerable Nigerians.

He said: “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!

“So, it is important to get people to buy into the reform of the economy where you have no proper arrangements to provide some minimal safety net for the poorest of the poor.
He lamented bad behavious by leaders as bane for development, adding that people must eschew bad conduct.

“You cannot use bad behaviour to correct bad behaviour. 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,” he said.

*Okonkwo urges cut down on govt’s spending

The chief host and celebrant, the Presiding Bishop of The Redeemed Evangelical Mission (TREM), Dr Mike Okonkwo called on President Tinubu to have empathy with the masses, while stressing that the recent hike in the pump price of petrol from about N600 per litre to N855 and above is challenging for Nigerians.

“The hike in pump price is a challenging period because it appears everything is going higher and higher. As I often say, the present administration, unfortunately, inherited a terrible thing on the ground and people should not expect overnight change. It is not going to change overnight.

“What they inherited, if the truth is to be told, is a very poor economy. The economy was already on the floor before they took off. But the challenge Nigerians are facing is that the government should be seen to have empathy with the masses. They have to cut down on their excesses. You cannot be telling Nigerians, ‘O things are hard’ and fuel prices are increasing, electricity cost is increasing, everything is increasing, and then you are enjoying luxury. So it will be difficult to reconcile it. That is the problem we are facing!
“My advice is that the government should be seen to cut down the cost of governance so that Nigerians can agree with them. Otherwise, it will be challenging to agree with whatever they are saying because whatever they are saying is contrary to their lifestyle.”

He urged the federal government to convince the organised labour not to embark on strike again, through good governance, delivery of dividends of democracy and prudence in management of public resources.

“The Labour issue is a complex situation. 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).

“You are not willing to cut down the cost of governance and you are telling labour to accept the situation the way it is. It will be difficult. It will be tough for anyone to accept that,” Okonkwo said.