Tinubu’s N5bn Palliative Diversionary, Dollarisation Of The Economy Should Be Addressed — Femi Falana

Femi Falana

Femi Falana, popular human rights lawyer says the Federal Government’s N5 billion fuel subsidy removal palliative to States of the Federation is only diversionary.

Recall that on Thursday, Governor Babagana Zulum of Borno State, disclosed at the end of the National Economic Council meeting, that N5 billion had been released to the 36 States and Federal Capital Territory to cushion the effect subsidy removal.

But on Friday, the Senior Advocate of Nigeria, during an interview on Channels Television said President Bola Ahmed Tiubu had better address the root cause which is the dollarization of the country’s economy.

According to him, the Central Bank of Nigeria (CBN) was wrong to have floated the Naira at the foreign market.

“Most of the interventions are temporary, sometimes diversionary, because the major problem is the dollarisation of the economy,” Falana said.

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He further lamented that domestic transactions such as rent, school fees and others are being made in Dollars thereby putting pressure on the Naira.

“As long as the government is not prepared to strengthen the Naira, to make the Naira the only legal tender in Nigeria, we are going to go further.

“Speaking from a legal perspective, I sued the Central Bank of Nigeria at the Federal High Court because section 16 of the Central Bank act allows the bank to fix and determine the Naira’s rate vis-a-vis other currencies, so there is no provision for floating the Naira.

“Section 20 of the Central Bank act states that the only legal tender in Nigeria shall be the currency issued by the Central Bank”, he said.

Recall that the CBN floated the Naira at the forex market in June.