Falana Remains Critical Of Fuel Subsidy Termination, Naira Floatation

…Extends Offer To Assist Tinubu Government To Recover $200 Billion From Subsidy Fraudsters

LAGOS – Eminent human rights activist and Senior Advocate of Nigeria (SAN), Femi Falana, has put forth a solution for the Bola Tinubu government to reclaim a substantial sum of $200 billion from those involved in fuel subsidy fraud.

Falana made this assertion during an appearance on Channels Television’s Politics Tonight on October 27, 2023, where he critiqued the state of the nation’s economy under Tinubu’s leadership.

The Ekiti-born SAN, expressed his disapproval of various decisions made by the Federal Government, including the termination of fuel subsidy and the floatation of the naira.

President Tinubu had announced the end of the subsidy regime in his inaugural speech on May 29, and his administration also opted to float the naira as part of broader monetary reforms implemented by the Central Bank.

These decisions, among others, have led to a significant devaluation of the national currency and a worrying surge in inflation rates.

When asked about the steps needed to prevent further devaluation of the naira, Falana emphasized that the situation would persist if the government continued to adhere to the directives of the International Monetary Fund (IMF) and World Bank on economic management.

He further criticized the government for floating the naira when it lacked control over foreign exchange rates.

Falana argued that the government should have prioritized an investigation into the alleged irregularities surrounding fuel imports in the country rather than hastily removing the subsidy.

Moreover, Falana offered his assistance in recovering the funds lost through subsidy fraud. He revealed that he had a team of lawyers at his disposal who could aid in recovering an estimated $200 billion in a period of three to six months.

He also stressed the need for the government to reassess its approach in the interest of the country’s citizens and political stability.

His words, “So the government would have to really go back to the drawing table. How can we organize this country in the interest of our people and also in the interest of the government because the government needs political stability?

“Today, it’s only those two institutions, two brettonwood institutions that are commending the government for removing fuel subsidy without investigating the fraud that characterised the importation of fuel.

“Those are the two institutions commending the government for floating the naira. You don’t float the currency, apart from a banana republic, how can you float your currency when you didn’t control the dollar?

“So, these are issues that government would have to address and I’m saying publicly, if the government is prepared I know a team of lawyers that can the government to recover not less than $200bn between three and six months.

“So the government would have to really go back to the drawing table. How can we organise this country in the interest of our people and also in the interest of the government because the government needs political stability.”