NBA Ikeja Branch Urges Tinubu To Implement Economic Policies For Stability

The Nigerian Bar Association (NBA) Ikeja branch has urged President Bola Tinubu to introduce policies aimed at stabilizing Nigeria’s economy, highlighting the urgent need for measures that address rising costs and inflation. At a press briefing held in Ikeja on Tuesday, NBA Ikeja Chairman Oluwaseyi Olawumi expressed concern over the economic difficulties facing Nigerians, specifically noting the recent petrol price increase and a substantial 250% hike in electricity tariffs.

Olawumi outlined how recent government policies have led to significant inflation, which has intensified the cost of transportation, healthcare, education, and daily living expenses. “Inflation is now at its highest, reducing purchasing power and disproportionately impacting low- and middle-income families who are already vulnerable,” he stated.

The NBA chairman emphasized that these economic pressures are eroding the middle class and pushing many into financial hardship. “The combined effects of this fuel price hike and 250 percent power tariff hike have… brought unprecedented pain, hardship, and suffering to the generality of the people of this country,” he added.

Businesses across sectors are similarly strained, with some facing closure and others deploying drastic strategies to survive in the challenging economic climate, Olawumi said. He urged the government to conduct an evidence-based review of the impact of inflation and fuel price hikes on individuals, businesses, and broader socio-economic structures.

Olawumi recommended a careful assessment of the effectiveness of current economic policies, encouraging the development of strategies that will promote sustainable economic growth. “We recommend that the efficacy of existing policies in addressing these adversities be scrutinized and strategies that nurture economic prosperity be proffered,” he concluded.