Human rights lawyer Femi Falana (SAN) has called on the Nigerian government to reject the economic prescriptions of the International Monetary Fund (IMF) and the World Bank.
Falana expressed concern over what he termed “deleterious policies” advised by these international financial institutions, particularly in areas such as increasing electricity tariffs and removing remaining petrol subsidies.
Speaking on Channels Television’s Politics Today program, Falana emphasized the need for the Nigerian government to prioritize the interests of its citizens over external financial recommendations. He argued that subsidizing various products is a common practice even in advanced capitalist societies, and Nigerians should demand that the government discard the policies advocated by the IMF and the World Bank.
Falana pointed out that the National Economic Council, led by the Vice President and consisting of state governors, the Governor of the Central Bank, and the Minister of Finance, is the constitutionally recognized economic body to advise the President.
He criticized the government for allegedly abdicating its responsibility to international bodies, asserting that these institutions were established by imperialists with the aim of undermining the economies of developing nations.
Describing the situation as an ideological battle, Falana highlighted that developed countries like the United Kingdom, the United States, and Germany provide subsidies without facing economic collapse. He emphasized that the government should focus on the welfare of its citizens and resist external pressures that may not align with the country’s best interests.
Falana also hinted at taking legal steps if the government does not address the issues after the expiration of court-set deadlines for the establishment of commodity prices.
