The Nigerian Bar Association (NBA), Ikeja branch, has called on President Bola Tinubu to implement policies that will nurture economic prosperity in the country.
Speaking at a press briefing in Ikeja on Tuesday, Oluwaseyi Olawumi, chairman of the branch, expressed concerns over economic challenges, including the latest increase in the pump price of petrol and the 250 percent hike in electricity tariffs.
Olawumi noted some of the government’s policies have resulted in increased inflation and spikes in transportation fares, healthcare bills, education, and daily expenditures.
“Inflation is now at its highest, reducing purchasing power and disproportionately impacting low- and middle-income families who are already vulnerable,” the NBA chairman said.
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“The combined effects of this fuel price hike and 250 percent power tariff hike have, apart from wiping out the middle class in the economic pyramid, brought unprecedented pain, hardship, and suffering to 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.
“We urge the government and policymakers to consider a systematic examination of empirical data, theoretical frameworks, and comparative analyses.
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“We urge the government to delineate the complicated impacts of fuel price hikes and inflation on individuals, businesses, and socio-economic structures.
“We recommend that the efficacy of existing policies in addressing these adversities be scrutinised and strategies that nurture economic prosperity be proffered.”
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