Prominent Lawyer, Femi Falana has faulted the distribution of five billion naira to each states as palliatives to cushion fuel subsidy removal, labelling it a temporary measure that does not address tbe root of Nigeria’s economic crisis.
Describing the decision to use this funds to procure food items for distribution to the poor in the 36 states, Falana argued that the measures were diversionary and would be eaten up by dollarisation of the economy
The Senior Advocate of Nigeria is also displeased and challenging the decision of the Central Bank of Nigeria (CBN) under President Bola Tinubu to float the naira, describing it as Illegal.
Although the CBN website puts the exchange rate between N744 and N746, Falana in a recent interview, said the CBN Act made it compulsory for the apex bank to fix the exchange rate.
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Falana argued further that as long as government officials are not prepared to strengthen the naira and make it the only legal tender in Nigeria, the economy would continue to struggle.
