By John Umeh
Prominent human rights lawyer and Senior Advocate of Nigeria, Femi Falana (SAN), has strongly criticised President Bola Ahmed Tinubu’s decision to remove fuel subsidy, describing it as an economic misstep that has worsened hardship for millions of Nigerians.
Speaking during an interview on Channels Television’s Politics Today on Sunday, September 14, Falana argued that the subsidy removal was not a solution but a deepening of the country’s economic crisis. He recalled his active role during the 2012 Occupy Nigeria protests, where he opposed a similar move by former President Goodluck Jonathan, stressing that his stance has not changed.
According to him, no country in the world completely eliminates subsidies, as governments in developed nations like the United States, the United Kingdom, and France still provide significant support for essential sectors such as agriculture and electricity.
Falana accused the International Monetary Fund (IMF) and the World Bank of imposing damaging economic prescriptions on Nigeria, including subsidy removal, currency devaluation, and reliance on foreign loans. He warned that following these “Western imperialist” recommendations would continue to push Nigeria deeper into poverty.
“We asked the government to muster the courage to tell these Western institutions that there is no country that has succeeded on the basis of the prescriptions of the Bretton Woods institutions. Nigeria must chart its own path,” he said.
The Senior Advocate further condemned the growing dollarisation of Nigeria’s economy, noting with concern that bribes, property sales, and even school fees are now being transacted in foreign currency. He also criticised President Tinubu’s recent practice of giving out cash gifts in dollars, insisting that the Naira remains the only legal tender in Nigeria under Section 20 of the Central Bank Act.
“It’s a criminal offence to reject the Naira. Yet today, bribes are now paid in dollars, properties are sold in dollars, bills are settled in dollars. You cannot run a stable economy this way. Devaluing the currency in an import-dependent nation is simply destroying the economy,” Falana cautioned.
As a way forward, Falana urged the Federal Government to consider joining BRICS—the economic bloc of Brazil, Russia, India, China, and South Africa—arguing that membership could help Nigeria reduce dependence on the dollar and Western financial dominance. He insisted that strengthening the Naira, supporting local industries, and rejecting exploitative foreign policies were key to restoring stability and growth.
Falana’s remarks reflect mounting discontent among Nigerians who have been grappling with rising inflation, higher fuel prices, and worsening living conditions since the subsidy removal was announced in May 2023.
