Human rights lawyer Femi Falana (SAN) in a recent interview on Politics HQ, delved into the key policies of President Tinubu, offering a critical perspective on the state of the nation’s economy.
He began by pointing out that a ruling class had undermined the country’s refineries, leading to monumental fraud that sustained a rent-seeking culture. Falana stressed that providing subsidies for the poor should not be considered a crime.
Furthermore, he criticised the neo-liberal policies influenced by institutions like the Bretton Woods system, arguing that the removal of fuel subsidies had exacerbated poverty in the country. He also raised concerns about the floating of the Naira and the growing dollarization of the economy. Falana insisted that addressing underdevelopment was paramount for progress.
“The Nigerian government appears to have embraced the liberal policies of the World bank….”The IMF and World Bank have run Nigeria’s economy aground, yet those are the two major organisations lauding the Bola Ahmed Tinubu Administration for removing fuel subsidy for dollarising the economy for devaluing the currency,” he stated.
On the hike in fuel prices, he said, “Nigerians are being misinformed with respect to the irresponsibility of the Nigerian ruling class, that has made it impossible for an oil-producing country like our own to refine crude oil and export petroleum products.”
Drawing a parallel, he likened President Tinubu’s economic approach to the austerity measures implemented by previous administrations. He directed blame at the World Bank and IMF, asserting that despite their praise for the president, they had played a role in the deterioration of the Nigerian economy.
“Except you address the crisis of underdevelopment there is no way you can really address the challenges addressing the government.”
Falana emphasised the need for any savings made by the government to be reinvested in creating jobs, improving electricity supply, and fostering industrial growth.
Switching gears to the judiciary, Falana staunchly advocated for the Nigerian government to adhere to court orders, contending that disobeying the courts was a dangerous invitation to anarchy. He called for the immediate release of individuals like EFCC’s Bawa and Godwin Emefiele, despite facing serious charges related to economic sabotage and culpable homicide. Falana’s perspective underscores the importance of accountability, economic reform, and the rule of law in Nigeria’s journey towards progress.
Falana has asked the Government to prosecute the suspended Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, and the management of the apex bank over the cash crunch in the country early this year.
He claimed that Emefiele and the CBN lied to Nigerians over the availability of cash owing to the redesign of the nation’s currency.
He added that Nigeria must improve its electoral reforms in order to deepen democracy. He called for digitisation of the electoral process with transparency; guarantee the state and national electoral commissions.