Stanbic IBTC Founder, Peterside, Warns of Revenue Crisis, Rising Poverty in New Year

Funmi Ogundare

Founder of Stanbic IBTC Bank Plc, Mr. Atedo Peterside, yesterday, warned that Nigeria would face daunting economic and social challenges  in 2026, saying weak revenue generation, deepening poverty and persistent insecurity could significantly undermine national stability if left unaddressed.

Speaking in an interview on AriseTV Prime Time, Peterside explained that any president who truly understood Nigeria’s realities must be worried about the future, particularly with the country’s population projected at about 230 million, an estimated 140 million people living in poverty, and government finances under severe strain.

He identified revenue generation as the most critical test for the federal government, noting that even proposed tax reforms might not yield the expected results if politically powerful interests were shielded.

“The big question is whether the government can raise the revenue it is projecting. The people with the most wealth are also friends of the government.

“Are they going to raise revenue from their own friends? If you think you can leave them alone and go after ordinary Nigerians, it’s not going to work,” he said.

Using the oil and gas sector as an example, he noted that tax receipts often declined sharply after oil blocks were transferred from international oil companies to indigenous operators, and questioned whether the government hadeffectively addressed the problem.

He also warned that Nigeria’s continued reliance on borrowing was unsustainable.

“How much longer can you keep borrowing for?” he asked.

Peterside expressed concern over Nigeria’s widening income inequality, warning that economic growth that benefittedonly a small elite could not be sustained.

“We have the very wealthy and we have the phenomenally poor. You cannot have equilibrium when there are so many poor people around you,” he said.

He equated poverty with insecurity, warning that widespread deprivation made it easier for criminal and terrorist groups to recruit, particularly among citizens, who feel the state has failed them.

Peterside also emphasised the danger posed by Nigeria’s estimated 30 million out-of-school children, saying they were increasingly difficult to integrate into a modern economy and remain vulnerable to exploitation.

On international relations, he said he foresaw storm clouds if pressure from U.S. President Donald Trump intensifiedtowards 2026.

The  retired banker stressed that Nigeria has not been effective in shaping counter-narratives globally, arguing that some of the criticisms of Nigeria’s security situation should not be dismissed outright.

He argued further that violence in parts of the north central and north east bore the characteristics that victims could legitimately describe as genocidal, even if such violence was not nationwide.

On domestic politics, Peterside said it was too early to determine how the opposition would shape up ahead of the 2027 general election, warning that personal ambition among political leaders could derail efforts  at unity.

“If all the opposition leaders insist it must be them or nothing else, then it won’t work,” he said, urging opposition figures to first build a common platform around shared issues such as hardship, poverty and insecurity before debating leadership.

He described the African Democratic Congress (ADC) as an emerging rallying point for the opposition, largely by default, after talks among other parties failed.

Peterside also confirmed that he formally left the Social Democratic Party (SDP) on January 1, saying it had become clear that the party could not serve as the unifying platform he had envisaged. He added that he has not joined any other political party.