The human rights lawyer says Nigeria should ease economic hardship, strengthen the naira and reduce dependence on dollar denominated trade.
Human rights lawyer and Senior Advocate of Nigeria, Femi Falana, has criticised the economic policies of President Bola Tinubu’s administration, calling for measures to ease the hardship facing Nigerians, strengthen the naira and reduce the country’s dependence on the United States dollar.
Falana, in a statement circulated in a WhatsApp group, said Western financial institutions had praised the Tinubu administration for implementing tough economic measures, including the withdrawal of subsidies on social services, despite the growing economic difficulties confronting millions of Nigerians.
He questioned the government’s claims of economic progress, recalling that the All Progressives Congress had promised in 2014 to lift 100 million Nigerians out of poverty. According to him, Nigeria’s multidimensionally poor population had reached 133 million by 2023, with the figure increasing by 17.9 million under the APC administration.
The lawyer said President Tinubu’s assurances that prosperity was around the corner must be matched with practical measures capable of improving living conditions, reducing poverty and providing relief to households struggling with rising living costs.
Falana argued that governments across the world had introduced economic relief measures in response to international tensions and rising energy prices. He cited the conflict involving Israel, the United States and Iran, as well as moves by US President Donald Trump concerning Russia, as examples of how governments respond to economic pressures affecting their citizens.
He also criticised Nigeria’s approach to fuel pricing, noting that the government had reportedly fixed the landing cost of imported petrol at N1,350 per litre for one month. He questioned the continued emphasis on imported fuel costs despite Nigeria’s growing domestic refining capacity, arguing that the country should reconsider policies that sustain dependence on foreign petroleum products.
On Nigeria’s trade relations with China, Falana highlighted what he described as an imbalance between imports and exports. He cited figures of $22 billion in imports from China against $3 billion in Nigerian exports of raw materials, arguing that the pattern underscored the need for policies that would improve Nigeria’s trade position and strengthen domestic production.
The activist also called attention to the currency swap agreement previously established between Nigeria and China, which was intended to facilitate trade using the naira and the Chinese yuan rather than relying entirely on the US dollar. He lamented that the agreement had expired without renewal, attributing the situation to opposition from the International Monetary Fund and the World Bank.
Falana further noted that Nigeria participates in the BRICS framework as a partner country rather than a full member. He argued that greater engagement with the bloc’s objective of promoting trade in national currencies could help reduce dollar dependence and potentially ease pressure on the naira.
He therefore advocated a review of the Nigeria China currency swap agreement to cover a wider range of imported goods, saying the arrangement could help reduce reliance on the dollar, support the domestic currency and improve the country’s economic position. The proposals reflect Falana’s position on the need for alternative economic strategies to complement the government’s current policies.