Human rights lawyer Femi Falana has criticised the economic reforms of President Bola Tinubu’s administration. He asserted that the government’s “harsh neoliberal policies” have led to the decimation of Nigeria’s middle class and an increase in poverty.
In an interview on Channels Television’s “Politics Today,” the 67-year-old argued that despite the president’s acknowledgement of economic hardship, the policies have only exacerbated the struggles of millions of citizens. “Because of the religious implementation of neoliberal policies by the government, poverty is on the ascendancy,” Falana said, calling for an urgent review of these measures.
The Ekiti-born specifically faulted the government’s push for privatisation, stating that it contradicts any effort to address income inequality by concentrating the nation’s resources in the hands of a few. Since taking office in May 2023, President Tinubu has introduced significant economic reforms, including the removal of fuel subsidies and the liberalisation of the currency.
While these policies were intended to stabilise the economy, they have resulted in a sharp rise in the cost of living, with inflation and poverty levels reaching alarming heights. The removal of the fuel subsidy, in particular, has led to a significant increase in the price of petrol, causing a ripple effect on transportation and food costs.
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The graduate of Obafemi Awolowo University (OAU) emphasised the need for the government to “go back to the drawing board” and reconsider policies influenced by institutions like the IMF and World Bank. The Principal Partner at Falana and Falana Chambers called for a reordering of priorities to provide targeted support for vulnerable Nigerians, especially those in rural areas.
To alleviate the widespread suffering, the Senior Advocate of Nigeria stressed the importance of codifying social welfare programs into law.
Falana pointed to the National Social Investment Programme (NSIP), which was codified under the Social Investment Programme Agency Act in 2023, as a model. He urged Tinubu to convince state governors to follow suit and enact similar social investment programs into law, arguing that the implementation of such welfare laws is a fundamental step toward poverty eradication.
