Femi Falana, a Human Rights lawyer and Senior Advocate of Nigeria, has raised strong concerns over the Federal Government’s allocation of ₦5 billion for fuel subsidy removal palliatives, deeming them as diversionary and wasteful.
During an interview on Friday, August 18, 2023, aired on Channels Television, , Falana emphasised that the root cause of the economic challenges the nation faces lies in the dollarisation of the economy. He highlighted the necessity for addressing this foundational issue rather than merely providing temporary interventions.
Falana expressed his belief that the Central Bank of Nigeria’s decision to float the Naira on the foreign exchange market was a mistake, contributing to the country’s ongoing economic woes.
“The majority of the interventions we’re witnessing are short-term and sometimes even serve as distractions from the primary concern, which is the dollarisation of the economy,” Falana asserted. He stressed the importance of tackling the structural issues that have led to the country’s heavy reliance on the US dollar.
This critique comes in the wake of the revelation made by Governor Babagana Zulum of Borno State that a sum of ₦5 billion had been disbursed to all 36 states and the Federal Capital Territory as part of the fuel subsidy removal palliatives. The announcement followed the National Economic Council meeting held on Thursday, August 17, where the disbursement decision was reached.
