The founder of Stanbic IBTC and ANAP Foundation, Atedo Peterside, has voiced his concerns regarding the Federal Government’s allocation of N90 billion subsidy for the 2024 Hajj pilgrimage, describing it as a setback for the nation’s economy.
In an interview on Channels TV’s Politics Today on Thursday, Peterside expressed his dismay over the decision, highlighting the economic implications of such a move.
“This is not about religion but about politics. We are mixing religion and politics,” Peterside remarked, suggesting a political undertone behind the subsidy ahead of the 2027 general elections.
He raised questions about the government’s allocation of funds for the Hajj pilgrimage while the economy faces significant challenges.
“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,” Peterside stated, emphasizing the negative impact on investor confidence and economic stability.
Peterside also addressed the issue of the depreciating value of the naira against the dollar, urging President Bola Tinubu’s administration to adopt a strategic approach to stabilize the currency.
“I will be fair to this government. They inherited the exchange rate problem and what they have been doing is trying to manage it,” Peterside acknowledged, advocating for a gradual stabilization of the naira within a sustainable range.
He cautioned against hasty attempts to appreciate the naira, emphasizing the need for stability and confidence-building measures.
“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,” Peterside advised.
