President Bola Ahmed Tinubu’s economic reforms are fueling widespread hardship for millions of Nigerians while enriching a powerful few, this is according to fiery comments from human rights lawyer and Senior Advocate of Nigeria, Femi Falana. Appearing on Politics Today, Falana rebukes Tinubu’s policies, warning that the country is spiraling into an economic abyss where only the elite survive and the masses are left to suffer in silence.
With inflation soaring above 34% and the naira losing nearly 200% of its value since Tinubu took office, Nigerians are grappling with one of the harshest cost-of-living crises in the nation’s history. Falana didn’t hold back, calling out the administration’s “anti-people” policies and accusing it of creating a paradise for the rich and a prison of poverty for the ordinary citizen. “It’s been very rosy for top officials,” Falana said. “But for the masses, it’s been a nightmare.”
At the heart of the storm are two moves Falana says were rushed and reckless: the removal of fuel subsidies and the floating of the naira. Within weeks of Tinubu’s May 2023 declaration that “subsidy is gone,” petrol prices exploded from ₦187 to over ₦600 per litre, and the dollar exchange rate skyrocketed to nearly ₦1,500. That one-two punch triggered a hyper-inflationary spiral that has left food prices out of reach and millions skipping meals, trekking to work, and abandoning healthcare altogether.
Even more damning is the growing evidence that these austerity-driven measures, often praised by the IMF and World Bank are only working for the political class. Lavish spending on luxury items like a new presidential jet and yachts has sparked outrage at a time when most Nigerians are forced to tighten their belts beyond the last notch. Promises to reinvest subsidy savings in public infrastructure have turned out to be smoke and mirrors, with little to no improvement in transportation, education, or healthcare.
The Nigeria Labour Congress (NLC) has backed Falana’s stance, labeling the reforms a “failed neoliberal experiment” that rewards oil marketers, currency speculators, and politicians with offshore accounts. The promised Compressed Natural Gas buses to ease transportation costs are still a fantasy due to poor infrastructure. Meanwhile, protesting workers seeking fair wages are met with tear gas and threats, while government officials continue to live in unimaginable luxury.
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Falana also ripped into the government’s blind loyalty to international financial institutions like the IMF and World Bank. According to him, their prescriptions have never worked for Nigeria and have only plunged the country deeper into poverty. “The government must abandon these toxic economic scripts,” he insisted, “and trust in Nigerians to rebuild the nation on our own terms.”
The numbers are chilling. The World Bank warned that Tinubu’s subsidy removal could push 7.1 million more Nigerians into poverty, and Statista now projects over 93 million citizens may be living on less than $2 a day by the end of 2025. Despite a $2.25 billion loan from the World Bank and numerous government empowerment programs, public confidence continues to erode, with many Nigerians questioning how and where the money is actually being spent.
In a bid to control the narrative, the Tinubu administration has launched a “Nigeria First” policy, urging agencies to buy local. While potentially beneficial for long-term industrial growth, it has yet to cushion the immediate economic pain. The administration highlights food distribution and agricultural initiatives, but critics say the relief is barely a drop in the ocean.
Falana’s message is clear: without transparency, accountability, and people-centered policies, Nigeria risks total economic collapse. He urged citizens to scrutinize government budgets and demand full execution of public projects, warning that unchecked elite privilege will continue to widen the already gaping inequality.