NBA Demands Immediate Reversal on Fuel Price Hike, Amidst Economic Hardship
The Nigerian Bar Association Ikeja Branch (NBA Ikeja) has urged President Bola Tinubu to implement effective policies to alleviate economic pressures on citizens. In a statement addressing the recent fuel price increase and a staggering 250% hike in electricity tariffs, the association called for immediate government intervention.
Chairman Mr. Oluwaseyi Olawumi emphasized the need for the administration to cease policies that exacerbate hunger and insecurity. He highlighted how rising living costs are particularly burdening vulnerable populations.
Olawumi noted that the recent fuel price hikes have fueled inflation, impacting consumer spending, transportation, healthcare, and education costs, thereby affecting micro-enterprises and household budgets. He remarked, “The reasons given for the revised national minimum wage of N70,000 included President Tinubu’s assurance that fuel prices would remain stable. However, inflation is now at its highest in years, eroding purchasing power and severely affecting low- and middle-income families.”
He further elaborated on the detrimental effects of the fuel and power tariff increases, stating that they have not only threatened the middle class but also inflicted significant pain on the broader population. The current economic landscape poses challenges that impact daily life and societal stability, with Nigerian consumers experiencing increased poverty levels compared to previous years due to rising prices of essentials.
Additionally, the NBA expressed frustration over the government’s delay in implementing the new national minimum wage, describing it as distressing for citizens. The group demands the reversal of recent fuel price hikes, the electricity tariff increase, and the cessation of policies that harm the populace, urging a reduction in government expenditures.
“We call on the government to analyze empirical data and examine the impacts of fuel price hikes and inflation on individuals and businesses,” Olawumi concluded, advocating for strategies that foster economic resilience and prosperity.
