Human rights lawyer and Senior Advocate of Nigeria, Femi Falana, has criticized President Bola Tinubu's economic reforms, stating that they have decimated Nigeria's middle class and worsened living conditions for millions of citizens. According to Falana, the administration's "harsh neoliberal policies" have deepened poverty and effectively wiped out the country's middle class ¹.
Falana's Concerns
- *Privatization Drive*: Falana faulted the government's privatization drive, saying it contradicts efforts to tackle income inequality. "You cannot be addressing income inequality in a country while handing over the nation's resources to a few people in the name of privatization," he said.
- *Poverty Levels*: Falana noted that despite the President's acknowledgment of economic hardship, his policies have further deepened poverty. "Most Nigerians cannot afford three square meals a day," he added.
- *Policy Review*: Falana urged the government to review its policies, especially those pushed by international financial institutions like the IMF and World Bank. "The government must go back to the drawing board and review each of these policies... It is in the interest of the government to review its policies as soon as possible," he stated ².
Call for Social Welfare Programs
Falana emphasized the need for urgent implementation and legal backing of social welfare programs to alleviate widespread suffering. He referenced the National Social Investment Programme (NSIP), which includes schemes like N-Power and conditional cash transfers to vulnerable households. "To eradicate poverty, we must begin by implementing welfare laws," he said ³.
Impact of Economic Reforms
Since assuming office in May 2023, President Tinubu has introduced sweeping economic reforms, including currency liberalization and the removal of fuel subsidies. While intended to stabilize Nigeria's economy, these policies have triggered a high cost-of-living crisis, with inflation and poverty levels reaching alarming heights ².
