Falana Urges Tinubu to Utilize the $10 Billion Allocated for Fuel Subsidy Wisely

Femi Falana Urges President Bola Tinubu to Redirect $10 Billion Fuel Subsidy Savings towards Economic Crisis Solutions.

In an interview on Channels TV’s Politics Today, human rights lawyer Femi Falana called on President Bola Tinubu to allocate the proposed $10 billion, which will be saved from fuel subsidy removal, towards addressing the ongoing economic crisis in the country.

Falana expressed concern over the plight of over 143 million Nigerians living in extreme poverty, emphasizing that the impact of fuel subsidy removal must be taken into consideration when formulating solutions.

He criticized the effectiveness of the $800 million World Bank loan for palliatives, stating that the majority of the funds should be utilized by the government to tackle the challenges arising from subsidy removal.

Additionally, Falana emphasized the need to implement existing statutory welfare programs, such as a national insurance scheme and pension funds act, to alleviate the suffering of the people.

He highlighted the surprise announcement of fuel subsidy removal in President Bola Tinubu’s inaugural speech and the subsequent reverberating effects experienced by the vulnerable and poor segments of the population.

As the government plans to roll out palliatives, Falana, along with labor movements and civil society organizations, advocates for exploring alternative economic programs rather than adhering to policies dictated by the IMF and World Bank.