TheCable

Atedo Peterside, the founder of Stanbic IBTC Bank Plc, says the administration of President Muhammadu Buhari is “dragging its feet” on stopping petrol subsidy payment.

Peterside spoke on Friday in an interview on Channels Television.

In August, Zainab Ahmed, minister of finance, budget and national planning, had said the federal government will consider stopping petrol subsidy payment in June 2023.

The federal government, however, disclosed the decision after announcing that it is projecting to spend N6.7 trillion on petrol subsidy payments in 2023.

Speaking on the state of nation, Peterside said the federal government has refused to tackle some of the important issues affecting the country.

He also said the country’s next president must be prepared to clear the “mess” that should have been tackled by the present administration.

“This government has kicked the can down the road. There are many obvious things that they were supposed to do,” he said.

“They dragged their feet for a long time and now they are postponing some of them until the middle of next year, which is the same as saying they don’t want to face the problems.

“Therefore, whoever is coming in May 2023 has to begin by clearing the mess that should have been tackled last year, year before, and so on.

“I will be very worried if somebody coming by next May does not understand that he has to do all the dirty work, which this government has refused to do.

“For example, go and check the estimate from this same government — the bill for petrol subsidy next year will exceed the total revenue of the federal government.

“So, imagine that you are running your household and the bill for one item like petrol is more than your entire income. Does that make sense? What other evidence do you need to know that you cannot afford something?”