By Philippine Duru

philippineobetoduru@gmail.com

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Human rights lawyer and Senior Advocate of Nigeria (SAN), Femi Falana, has intensified his criticism of President Bola Ahmed Tinubu’s economic policies, warning that Nigerians may continue to face severe hardship unless the Federal Government reconsiders policies he described as neoliberal prescriptions associated with the International Monetary Fund (IMF) and World Bank.

Falana’s latest criticism comes amid continuing public concerns over the cost of living, food prices, purchasing power and the ability of millions of Nigerians to meet basic household needs.

The senior lawyer has repeatedly argued that the government’s economic reform programme has placed a disproportionate burden on ordinary citizens, particularly following the removal of the petrol subsidy and the liberalisation of the foreign exchange market.

Speaking on Channels Television’s Politics Today, Falana argued that the government needs to return to the drawing board and review the direction of its economic policies in the interest of Nigerians.

He maintained that the continued implementation of what he described as harsh neoliberal policies was contributing to rising poverty and weakening the purchasing power of citizens.

According to Falana, the consequences of the reforms have become increasingly visible in households across the country, with many Nigerians struggling to afford food and other essential goods.

He previously stated on the programme that “most Nigerians cannot afford three square meals a day,” while also arguing that the country’s middle class had been severely weakened by the economic policies of the administration.

At the centre of Falana’s criticism is Nigeria’s relationship with the Bretton Woods institutions.

The lawyer has argued that several of the economic measures adopted by the Tinubu administration reflect policies pushed or endorsed by the IMF and World Bank.

In particular, he has criticised the removal of petrol subsidies, arguing that the decision has contributed to higher transportation costs, increased prices of food and other commodities, and a broader deterioration in living standards.

In a separate Channels Television interview in September 2025, Falana alleged that the IMF and World Bank had insisted that Nigeria remove fuel subsidies, describing the policy as an externally driven measure rather than a purely domestic policy choice.

The Tinubu administration, however, has maintained that its reforms are necessary to correct longstanding structural weaknesses in the Nigerian economy.

The removal of the petrol subsidy and changes to the foreign exchange regime were introduced as part of efforts to reduce government expenditure, improve fiscal sustainability, attract investment and create the foundation for stronger long-term economic growth.

Falana disagrees with the approach and has called for a fundamental review of the policies.

Falana has argued that the government’s economic achievements should ultimately be measured by their effect on ordinary Nigerians rather than by improvements in selected macroeconomic indicators.

He said the reality confronting many households remained one of rising costs and declining purchasing power.

In earlier remarks on Channels Television, he acknowledged that President Tinubu had repeatedly appealed to Nigerians to be patient and had promised that the reforms would eventually produce prosperity.

However, Falana questioned whether citizens could continue waiting while the immediate consequences of the policies continued to affect their livelihoods.

He argued that the government itself had recognised the severity of the crisis, pointing to President Tinubu’s appeal to APC governors to intensify efforts to provide relief at the grassroots.

Falana said the government needed to move beyond appeals for patience and take concrete steps to protect vulnerable citizens.

Another major concern raised by the senior lawyer is the shrinking purchasing power of Nigeria’s middle class.

Falana has argued that the combination of higher energy costs, food prices, transportation expenses and other living costs has pushed many previously stable households into financial difficulty.

He has repeatedly maintained that while sections of the business community and political establishment may be benefiting from the changing economic environment, ordinary Nigerians are struggling to cope.

In June 2025, he similarly argued that the government’s policies were making life more comfortable for wealthy Nigerians while making survival increasingly difficult for poorer citizens.

His criticism therefore goes beyond individual policies and extends to the broader economic philosophy guiding the administration.

Falana has also faulted the government’s foreign exchange reforms, particularly the liberalisation of the naira.

He has argued that a sharp depreciation of the domestic currency can have severe consequences for an import-dependent economy such as Nigeria because businesses ultimately pass higher import costs to consumers.

According to him, the resulting increase in the prices of imported goods and raw materials contributes to higher inflation and further erodes household purchasing power.

He has therefore called for greater confidence in domestic economic solutions rather than strict adherence to prescriptions associated with international financial institutions.

Beyond criticising the government’s reforms, Falana has called for stronger welfare interventions to cushion Nigerians from the impact of economic adjustment.

He has argued that the government must fully implement existing social welfare laws and programmes rather than rely mainly on appeals to state governments.

Among the programmes he has referenced is the National Social Investment Programme, which includes initiatives such as N-Power, the Government Enterprise and Empowerment Programme, school feeding and conditional cash transfers.

Falana has urged the Federal Government to take greater responsibility for funding and implementing social protection measures, particularly for vulnerable Nigerians in rural communities.

He has also called on state governors to institutionalise social investment programmes through legislation so that welfare interventions are not dependent solely on political discretion.

Falana has also raised concerns about the administration’s privatisation agenda.

He argued that the transfer of public assets to private interests could worsen inequality if the process is not accompanied by adequate safeguards to ensure that ordinary Nigerians benefit from national resources.

According to him, the government cannot effectively address inequality while simultaneously allowing national assets and resources to become concentrated in the hands of a small number of individuals.

His position reflects his broader argument that economic reforms should be designed around social welfare and the living conditions of citizens rather than focusing exclusively on fiscal and macroeconomic indicators.

Government faces pressure to balance reforms with welfare

Falana’s comments come as the Tinubu administration continues to defend its economic reforms as necessary measures to rebuild Nigeria’s fiscal position and create conditions for sustainable growth.

The administration has consistently argued that the difficulties associated with the reforms are part of the adjustment process following years of economic distortions.

Supporters of the reforms point to efforts to improve government revenue, attract investment and stabilise the economy, while critics argue that the benefits have yet to sufficiently reach ordinary Nigerians.

That debate is likely to remain central to Nigeria’s political and economic conversation, particularly as the country moves towards the 2027 general elections.

For Falana, however, the priority remains immediate relief for Nigerians.

His position is that economic reforms should not be pursued at the expense of citizens’ basic welfare and that the government must reconsider policies that continue to place pressure on household incomes.

The senior lawyer’s warning ultimately puts the Tinubu administration before a difficult policy challenge: how to sustain reforms aimed at stabilising the economy while simultaneously ensuring that millions of Nigerians do not bear an unsustainable share of the adjustment costs.

As the debate over Nigeria’s economic direction continues, Falana is calling for a fundamental rethink of the country’s relationship with international financial institutions and a stronger focus on domestic welfare, social protection and policies capable of improving the living conditions of ordinary Nigerians.