- It Has Political Undertone, Tinubu Sending Wrong Signal About Our Economy-Peterside
Following a disclosure by Vice President Kashim Shettima that FG subsidised the 2024 Hajj with N90 billion, President Bola Ahmed Tinubu has come under severe criticism.
The founder of Stanbic IBTC and ANAP Foundation, Atedo Peterside, described the venture as a setback to the nation’s economy.
Peterside, who was a guest on Channels Television’s Politics Today, believes the move has a political undertone ahead of the next electoral cycle.
He also lampooned the president for sending a wrong signal about the nation’s economy.
READ ALSO: Anger, Outrage Over N90bn Spent By FG To Subsidise 2024 Hajj Fare
“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,” he questioned on Thursday.
“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 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.”
During the show, the economist also weighed in on the depreciation of the naira against the dollar, asking the current administration to take steps for the local currency to rebound when compared to the greenback and other currencies.
He exonerated the current administration from the depreciation of the naira but insisted that hurrying to make the currency gain strength won’t work out.
READ ALSO: NAHCON Increases Hajj Fare To N6.8m, Sets March 28 Deadline For Payment
According to him, the best approach would be for the central bank to stabilise the naira to a level where they can sustain it for some time and gradually build 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 go away laughing. What’s the point of that?
“It’s better to have some stability they can sustain, keep between N1,300 and N1,300 which looks to be the natural equilibrium band today, keep it there for a while, build up your reserve to let confidence come back.
READ ALSO: Tinubu Approves 3 Airlines For 2024 Hajj Pilgrimage
“So, stop trying to appreciate the naira in a hurry, it’s not going to work,” Peterside said.
