Renowned entrepreneur and founder of Stanbic IBTC and ANAP Foundation, Atedo Peterside, has voiced strong opposition to the Federal Government's allocation of N90 billion subsidy for the 2024 Hajj pilgrimage, asserting that it poses a significant setback for the nation's economy.
Peterside articulated his concerns during an interview on Channels TV's Politics Today, where he expressed dismay over what he perceived as a politically motivated move with potentially detrimental implications for Nigeria's economic stability.
The subsidy announcement, made by Vice President Senator Kashim Shettima during the inauguration of the 2024 pilgrimage flight at Sir Ahmadu Bello International Airport, Birnin Kebbi, has drawn criticism from Peterside, who deemed it as a misallocation of resources at a time when the economy is grappling with profound challenges.
In his remarks, Peterside underscored the intertwining of religion and politics in the decision, cautioning against the repercussions of such actions on the socio-economic fabric of the nation.
He emphasized the need for prudent fiscal management and strategic investment in sectors crucial for economic revitalization, lamenting the diversion of substantial funds towards what he deemed as an "insignificant" expenditure.
Peterside warned against the adverse effects of sending erroneous signals to investors and stakeholders, citing the potential erosion of confidence in Nigeria's economic prospects due to perceived fiscal imprudence.
The prominent businessman called upon the government to prioritize policies that promote sustainable economic growth and development, urging a cessation of actions that could undermine the nation's progress.
As debates surrounding the allocation of subsidies continue to reverberate, Peterside's critique serves as a poignant reminder of the imperative for responsible governance and judicious resource allocation in charting a path towards economic resilience and prosperity.
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