President of the ANAP Foundation and founder of Stanbic IBTC Bank, Atedo Peterside has warned that Nigeria’s worsening poverty and deep income inequality pose the gravest threat to the country’s stability as it heads into 2026, saying economic hardship will ultimately shape politics, security and governance more than elite power struggles.
Speaking in an interview with ARISE News on Monday, Peterside said the standout issue of 2025 was not political defections or the debate over a one-party state, but the scale of poverty gripping the country.
“For me, the standout moment in 2025 was poverty. As an economist, I’m frightened when I come across people all over the country who are severely impoverished and I actually wonder how they manage to stay alive,” he said.
He warned that attempts by political elites to consolidate power could backfire if poverty continues to rise.
“If all the rich people, all the oppressors gather in one place, they are hoping they can weaponise poverty. But if clever operators take time to explain to people that they are the victims, that strategy can collapse,” Peterside said.
While acknowledging that the Tinubu administration had taken major policy decisions, Peterside cautioned against celebrating them without tangible improvements in citizens’ lives.
“It’s all very well that fuel subsidy was removed and the exchange rate is now largely market-determined, but you cannot keep clapping for policies taken 18 months ago. What matters really is living standards and poverty,” he said.
He warned that sustaining current economic policies would be difficult without significantly higher government revenue.
“Government wants to spend plenty of money, but revenues are not sufficient. Your choices are to reduce spending, borrow more or print money. This government has chosen borrowing, but something has to give,” Peterside said.
Peterside questioned whether the government could raise the revenue it needs, especially from the wealthiest Nigerians.
“The bulk of the people with the most wealth are friends of this government. Are they going to raise revenue from their own friends? If you think you’ll leave them alone and tax ordinary people, it won’t work,” he warned.
Drawing a global comparison, he added:
“In Saudi Arabia, when they had economic trouble, they called the big guns into one hotel and told themselves some home truths. I don’t think revenue will come easily here.”
He also pointed to declining tax contributions in the oil and gas sector following asset transfers to local operators.
“Once oil blocks move from IOCs to Nigerian groups, tax payments often collapse. How do you solve that problem?” he asked.
Peterside said Nigeria’s biggest structural problem is inequality, describing the country as deeply polarised between extreme wealth and extreme poverty.
“Nigeria clearly has an income distribution problem. We have the very wealthy and the phenomenally poor. You cannot have equilibrium with so many poor people around you,” he said.
He warned that poverty feeds insecurity.
“I don’t equate poverty directly with banditry, but poor people whom the state offers next to nothing can be easily recruited. They become future bandits and terrorists,” he said.
He added that Nigeria’s 30 million out-of-school children represent a long-term economic and security threat.
“People who are not educated are very difficult to integrate into a modern economy,” Peterside said.
Commenting on US President Donald Trump’s rhetoric on Nigeria, Peterside said the issue should be handled with nuance.
“Trump will always choose a narrative that suits his domestic base. But I don’t subscribe to the idea that everything he says is nonsense,” he said.
On claims of genocide, Peterside argued that atrocities can exist in specific regions without defining the entire country.
“Genocide can exist in pockets. I’ve not seen genocide in Lagos, but I’ve seen it in parts of the North Central and the North East,” he said.
Turning to opposition politics, Peterside said the opposition still had time to regroup but must abandon ego-driven politics.
“If all the opposition leaders insist it must be me or nothing, it won’t work. Build something first, then talk about leadership,” he said.
He criticised what he described as political arrogance.
“In a country of 230 million people, what makes you think you alone have the divine right to be president?” he asked.
He said opposition parties must focus on uniting around hardship, poverty and insecurity rather than personalities.
Peterside confirmed he left the Social Democratic Party (SDP) on January 1, saying it failed to emerge as a viable rallying platform.
“I joined the SDP hoping it would be a rallying point. It didn’t work. I’ve left and I haven’t joined any party yet,” he said.
He stressed that his Go Nigeria initiative remains active and relevant.
“Go Nigeria must continue. It’s about strengthening democracy across party lines,” he said.
He identified four core priorities: electoral reform, judicial reform, freedom of speech, and security of life and property.
“People won’t come out to vote if they fear for their lives,” Peterside warned.
On the 2027 elections, Peterside said confidence in the electoral system remains fragile.
“Very few people will waste time going to court if they don’t trust the judiciary. They’ll resort to self-help, and that’s dangerous,” he said.
On the new INEC leadership, he added:
“All we can do is hold their feet to the fire. If you win an election, you don’t hide result sheets. You bring them out polling unit by polling unit.”
Boluwatife Enome
Follow us on:
