Nigerian entrepreneur and economist Atedo Peterside has identified excessive government spending as the primary reason President Bola Tinubu’s economic reforms have failed to deliver expected benefits to citizens.
Speaking during an interview with Channels TV, Peterside criticized the extravagant spending patterns across different levels of government. “One governor is going to the airport, and he uses the money for 80 Cars to accompany him. So it’s almost as if what has happened is that the purpose for those reform actions was to improve the government’s finances. The result is that at different levels, including state government, LGAs, they’re getting a lot more revenue. But what are they doing with the revenue? The bulk of them are squandering it,” he stated.
The economist emphasized that the reforms were designed to generate revenue for essential services rather than fund lavish lifestyles. “So the purpose of all those reforms was to bring more revenue to government, who would now use that money judiciously to improve healthcare, education. But that’s not happening. What’s the point of people collecting more money, and then we are enriching the rich,” Peterside said.
Peterside also highlighted the example of legislators purchasing luxury vehicles during economic hardship, noting the stark contrast with previous practices during more prosperous times.
He recalled how he and others protested when senators and House of Representatives members acquired expensive SUVs, pointing out that even during Nigeria’s 2012 economic boom, lawmakers received Toyota Camrys rather than luxury vehicles.
While admonishing the reforms as lacking the proper timing and space, the banker said most of the reforms could have been done within a very short time rather than draging them, thereby spreading the hardship.
He lamented that corruption has become endemic and involving all levels of government, with the civil servants deeply involved.
