By Abiola Olawale
Founder of Stanbic IBTC Bank and investment entrepreneur, Mr Atedo Peterside, has faulted the decision of the Federal Government to disburse N90bn to subsidise the 2024 Hajj pilgrimage for Muslim faithful.
According to the founder of the Anap Foundation, the decision of the government to approve the N90bn billion caused a setback for the nation’s economy.
Mr Peterside said he was puzzled to hear the government confirming that it had spent such an amount of money despite the current economic realities of the country.
He said the latest action of the government is sending a wrong signal to foreign investors and even Nigerians, who have made several sacrifices for the growth of the country’s economy.
Peterside 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 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 N90bn, 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.”
The New Diplomat recalls that Vice President Kashim Shettima had revealed that the federal government approved the disbursement of about N90bn to subsidise the cost of the 2024 Hajj pilgrimage.
Shettima made this known on Wednesday, May 15, at the inauguration of the 2024 National Hajj held at Sir Ahmadu Bello International Airport, Birnin Kebbi, Kebbi State capital city.
Speaking on the depreciation of the naira against the dollar, Peterside asked President Bola Tinubu’s administration to take steps for the local currency to rebound.
He urged Tinubu to desist from making short-cut decisions to make the currency gain strength.
According to him, the best approach would be for the Central Bank of Nigeria (CBN) to stabilise the naira to a level where they can sustain it for some time and gradually build the reserve.
He continued: “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.”
