Lagos, Nigeria – Atedo Peterside, founder of Stanbic IBTC Bank Plc, has strongly criticized the federal government for its handling of the cash transfer policy, accusing it of neglecting the poor and lacking transparency. Peterside made these comments while speaking as chairman of the 23rd edition of Mike Okonkwo’s Annual lecture held at Shell Hall, Muson Center, Onikan, Lagos.
“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 said.
He urged the government to overhaul its social safety net program to ensure it truly benefits vulnerable Nigerians. “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.”
Dr. Mike Okonkwo, Presiding Bishop of The Redeemed Evangelical Mission (TREM), also called on President Tinubu to show empathy with the masses and cut down on government excesses. “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.”
Okonkwo emphasized the need for good governance and prudent management of public resources. “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 also urged the federal government to convince organized labor not to embark on strikes by demonstrating a willingness to cut down on the 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.”
