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… Economic Reforms Causing Widespread Suffering
LAGOS, NIGERIA – Human rights lawyer and Senior Advocate of Nigeria (SAN), Femi Falana, has condemned the economic direction of President Bola Tinubu’s administration, stating that the government’s policies have only favoured the wealthy while making life increasingly difficult for the poor.
Speaking on the June 9, 2025, edition of Politics Today on Channels Television, Falana noted that while top officials of the ruling All Progressives Congress (APC) celebrate Tinubu’s second anniversary in office, the average Nigerian is trapped in worsening poverty and economic hardship.
Falana remarked that high-ranking members of Tinubu’s administration have been openly celebrating perceived progress.
However, he stressed that the same cannot be said for ordinary Nigerians who are struggling daily under the weight of economic pressures.
“For members of the government – and I’m talking of top officials – it’s been very rosy. One of them was singing a week ago that things are getting better.
“Of course, for the rich, the bourgeoisie, things are getting better. But for the masses of our people, things are getting tougher because they are going through an excruciating economic crisis”, Falana said.
President Tinubu’s administration introduced major economic reforms upon assuming office in May 2023, including the removal of fuel subsidies and unification of the forex market.
These reforms led to significant increases in energy prices, transportation costs, and food prices, pushing living expenses higher for everyday citizens.
Despite these measures, Falana highlighted the continued suffering of Nigerians, even as the president urges patience and promises eventual prosperity.
“In fairness to the President, on many occasions, he has asked Nigerians to bear with him, to exercise patience that our economic programme will lead to prosperity”, Falana acknowledged.
He continued, “Whether you believe that or not is another matter, but the government itself realises that there is a crisis in town, that people are hungry, that many are about to withdraw their children from school because of the rigid implementation of neoliberal policies dictated or endorsed by the IMF and World Bank.”
Falana urged the federal government to abandon economic models prescribed by international institutions like the International Monetary Fund (IMF) and the World Bank. Instead, he called for solutions that are homegrown and tailored to Nigeria’s unique challenges.
“My position, which I have made repeatedly clear, is that the government must abandon the prescriptions of the Bretton Woods institutions and have confidence in Nigeria so that Nigerians can be given the opportunity to run this country in the interest of our people.”
He criticized the government’s decision to devalue the naira, warning that such a move in an import-dependent economy only worsens inflation and raises the cost of goods.
“If you devalue the currency of a country that is import-oriented, you are going to have an astronomical rise in the price of goods – and that is what has happened to our country. You devalue the currency, and you lose interest,” he explained.
Falana called on Nigerians to be more involved in holding public officials accountable, especially regarding the budgeting process.
He encouraged citizens to scrutinize government budgets and actively monitor how funds are spent.
“I want to challenge Nigerians to appreciate that budgets are presented to the National Assembly by the President. Governors also present budgets to their respective Houses of Assembly. Nigerians must take these budgets, identify the items one by one, and ensure we follow up and monitor their execution”, he said.
The senior lawyer also criticized early political activities ahead of the 2027 elections, urging the Independent National Electoral Commission (INEC) to enforce campaign regulations.
He stressed the importance of focusing on governance instead of jumping into premature electioneering.
“I have seen a lot of politics going on and had expected INEC to intervene by saying, ‘We haven’t lifted the ban on electioneering; therefore, concentrate on governance for now’,” Falana asserted.
Falana’s comments come amid growing endorsements from within the APC for President Tinubu’s re-election bid in 2027, even as Nigerians continue to grapple with the economic consequences of the administration’s policies.
