The Nigerian Bar Association (NBA), Ikeja Branch, has called on President Bola Tinubu to introduce policies and measures to alleviate the economic challenges facing Nigerians.
The NBA Ikeja Branch expressed concern over recent hikes in the pump price of Premium Motor Spirit (PMS) and a 250 percent increase in electricity tariffs, highlighting how these developments have escalated the cost of living.
In a statement by the Branch Chairman, Mr. Oluwaseyi Olawumi, the NBA urged the government to consider policy interventions to lessen the financial strain on citizens, particularly vulnerable groups.
Olawumi noted that the recent fuel price increases have intensified inflation, impacting essential expenses like transportation, healthcare, education, and daily consumer spending, thereby affecting small businesses and households alike.
He also pointed out that the recently announced national minimum wage of N70,000 was partly based on assurances from President Tinubu that PMS prices would remain stable, which has now been challenged by the recent increases.
Olawumi said: “Inflation is now at its highest, reducing purchasing power and disproportionately impacting low- and middle-income families who are already vulnerable.”
“The combined effects of this fuel price hike and 250% power tariff hike has, apart from wiping out the middle class in the economic pyramid, brought unprecedented pain, hardship and suffering on the generality of the people of this country.”
“This trend has equally placed a significant strain on businesses across sectors, such that where businesses are not crippled, acute adaptive strategies are deployed to sustain operations or survival in the face of economic headwinds.”
He said that Nigerian consumers were poorer compared to preceding years due to increased food, motor vehicle fuel, and electricity prices.
The branch chairman said the interconnected issues had created a web of economic challenges that posed significant hurdles to the financial stability and well-being of the nation.
