The Ikeja branch of the Nigerian Bar Association (NBA) has urged President Bola Tinubu to implement policies and effective measures to reduce economic pressures on the citizens.
It also expressed displeasure at the latest increase in the pump of petrol across the country and the 250 per cent tariff hike in electricity.
The branch chairman, Oluwaseyi Olawumi, said these on Tuesday while addressing the journalists in Ikeja about the increasing fuel price, inflation, and rising cost of living in the country.
The chairman said the hike had impacted inflation, consumer expenditure, transportation overhead, healthcare expenses, and education costs, with notable effects on micro-enterprises and households.
“We urge the government to delineate the complicated impacts of fuel price hikes and inflation on individuals, businesses and socio-economic structures,” he said.
He said the reason proffered for the recently reviewed national minimum wage of N70,000 was the assurance by Mr Tinubu that the pump price of petrol would not be increased from the previous price range of N600 per litre.
Mr Olawumi said: “The combined effects of this fuel price hike and 250 per cent 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 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 nation’s financial stability and well-being.
He said they had also contributed to social unrest and mental health implications for citizens.
The association urged the government to rethink the latest increase in the pump price of petrol across the country and the electricity tariff hike.
“We urge the government and policymakers to consider a systematic examination of empirical data, theoretical frameworks and comparative analyses.
“We recommend that the efficacy of existing policies in addressing these adversities be scrutinised and strategies that nurture economic prosperity be proffered,” Mr Olawumi said.
(NAN)
