Human rights lawyer and Senior Advocate of Nigeria (SAN), Femi Falana, has strongly criticised President Bola Tinubu’s decision to remove fuel subsidy, warning that the policy has worsened economic hardship for millions of Nigerians.
Speaking on Channels Television’s Politics Today on Sunday, the outspoken activist described the move as a grave economic blunder that has deepened social tension rather than providing relief.
“Subsidy Removal is an IMF Prescription”
Falana, who was a leading voice in the 2012 Occupy Nigeria protests against subsidy removal under former President Goodluck Jonathan, argued that Nigeria is simply following failed prescriptions from international financial institutions.
“I have always been against fuel subsidy removal since 2012. No country in the world has abolished or removed subsidies completely. Even leading Western countries like the United States, the United Kingdom, and France subsidise electricity, agriculture, and other critical sectors,” he said.
He accused the International Monetary Fund (IMF) and the World Bank of dictating Nigeria’s economic direction through policies such as subsidy removal and currency devaluation.
Dollarisation of the Nigerian Economy
The Senior Advocate also condemned the growing dollarisation of Nigeria’s economy, pointing to cases where school fees, property sales, and even bribes are transacted in dollars.
“So, we must promote the Naira, strengthen the Naira, against the dollar, because the Naira is the legal tender, and not the dollar. It’s a criminal offence to reject the Naira under the Central Bank Act, Section 20.
“But unless you stop people paying dollars for school fees, properties, bills and now even bribes then the economy cannot be stable,” he warned.
Falana also criticised Tinubu’s recent practice of gifting foreign currency to footballers, arguing it undermines the national currency.
Call for Economic Independence
As a way forward, Falana urged the government to adopt a holistic economic strategy, rather than implementing isolated reforms that hurt ordinary citizens.
“You cannot devalue the currency, dollarise the economy, and at the same time remove subsidies,” he cautioned.
He also encouraged Nigeria to consider joining BRICS, a bloc of major emerging economies that includes Brazil, Russia, India, China, and South Africa, describing it as an alternative platform to reduce reliance on Western-dominated financial institutions.
“Nigeria Must Chart Its Own Path”
Falana insisted that only a deliberate effort to protect the Naira and resist external pressure will prevent the economy from further decline.
“You cannot run an economy that will be stable, an economy that will be in the interest of the people, if you continue to depend on Western prescriptions. Once you devalue your currency in an import-dependent economy, you are damaging it,” he concluded.
