Recall that Senator Kashim Shettima, the Vice President, stated that N90 billion was provided by the Federal Government to subsidize the hajj journey this year.
Atedo Peterside, the founder of the ANAP Foundation and Stanbic IBTC, has characterized the N90 billion Hajj subsidy from the Federal Government as a blow to the country’s economy.
Peterside made this claim during a Thursday interview on Politics Today on Channels TV.
Recall that Senator Kashim Shettima, the Vice President, stated that N90 billion was provided by the Federal Government to subsidize the hajj journey this year.
He made this statement at Sir Ahmadu Bello International Airport, Birnin Kebbi, at the ceremonial launch of Pilgrims’ first trip to Saudi Arabia in 2024.
He claims that the action has political overtones in advance of the upcoming general elections in 2027.
He 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 own 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 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.”
Speaking on the depreciation of the naira against the dollar, the economist asked President Bola Tinubu’s administration to take steps for the local currency to rebound.
He warned President Tinubu’s administration that hurrying to make the currency gain strength wouldn’t work out.
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.
He said, “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,” he said.