The founder of Stanbic IBTC and the ANAP Foundation, Atedo Peterside, has criticised the Federal Government’s N90 billion subsidy for the 2024 Hajj as a setback to the nation’s economy.
Peterside stated this in an interview on Channels TV’s Politics Today on Thursday.
Recall that Senator Kashim Shettima, the Vice President, stated that the Federal Government provided N90 billion in subsidies for this year’s hajj.
He made the statement when launching Pilgrims’ 2024 first trip to Saudi Arabia at Sir Ahmadu Bello International Airport in Birnin Kebbi. According to him, the action has a political undertone ahead of the upcoming general elections in 2027.
He said, “This is not about religion but about politics. We are mixing religion and politics.
“So, what do we now expect Christians to do? To say they want their own share of this subsidy?
“How are you going to refuse them? This is all about politics. Perhaps someone feels that ‘it is time for me to score some cheap political points’.
“You now come and send the wrong signal about our economy at a time when our economy is in deep trouble. We need to bring ourselves out of the hole.
“Each time you turn around and do something insignificant like this (hajj subsidy) and throw away N90 billion, you set back the process by which investors and others can take you seriously.
“For me, it is not just about religion and pilgrimage. It is the setback of the economy by sending the wrong signals. The government should stop sending the wrong signals.”
Speaking on the naira’s fall against the dollar, the economist urged President Bola Tinubu’s administration to take actions to help the local currency revive.
He advised President Tinubu’s administration that rushing to strengthen the currency would not succeed.
Speaking on the naira’s fall against the dollar, the economist urged President Bola Tinubu’s administration to take actions to help the local currency revive.
He advised President Tinubu’s administration that rushing to strengthen the currency would not succeed.
He said the optimum strategy would be for the central bank to stabilise the naira to a level where it can be sustained for some time before progressively increasing the reserve.
“I will be fair to this government. They inherited the exchange rate problem and what they have been doing is trying to manage it.
“Recently, I would have thought ‘let’s get some stability around N1,300 or N1,400’. Don’t be in a hurry to appreciate the exchange rate.
“Going to sell dollars to bureau de change at N1,000, N1,050; those guys will turn around two weeks later and sell it at N1,400, N1,500. And they will go away laughing. What’s the point of that?
“It’s better to have some stability they can sustain. Keep between N1,300 and N1,400 which looks to be the natural equilibrium band today. Keep it there for a while, and build up your reserve to let confidence come back.
“So stop trying to appreciate the naira in a hurry. It’s not going to work,” he said.
