₦5 BILLION PALLIATIVE IS WASTEFUL – FEMI FALANA

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A Senior Advocate of Nigeria and Human Rights Activist, Femi Falana, has raised strong worries over the Federal Government's allocation of ₦5 billion for fuel subsidy removal palliatives, referring them as diversionary and wasteful.

Falana made this assertion during an interview on Friday, August 18, 2023, aired on Channels Television. He stressed that the very root cause of the economic challenges that are facing the nation lies in the dollarisation of the economy. He highlighted the necessity for addressing this foundational issue rather than merely providing temporary interventions as solution.

Falana expressed his belief that the Central Bank of Nigeria's decision to float the Naira on the foreign exchange market was a wrong step taken, claiming that it has contributed to the country's ongoing economic woes.

According to him, "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." He, however, 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.

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