The Nigerian Bar Association (NBA), Ikeja Branch, has called on President Bola Tinubu to introduce policies aimed at alleviating the economic hardship caused by recent fuel and electricity tariff hikes. Speaking to journalists on Tuesday in Ikeja, the branch chairman, Mr. Oluwaseyi Olawumi, expressed concern over the impact of these increases on citizens and businesses.
The NBA criticized the rise in the pump price of Premium Motor Spirit (PMS) and the 250% hike in electricity tariffs, stressing that these measures have worsened inflation and the cost of living. Olawumi highlighted the growing strain on transportation, healthcare, education, and small businesses, warning that vulnerable populations are suffering the most.
“Inflation is now at its highest, reducing purchasing power and disproportionately impacting low- and middle-income families already struggling to cope,” Olawumi said. He added that the recent hikes have eroded the economic stability of the middle class and forced businesses to adopt extreme strategies to survive.
The NBA chairman also referenced the new ₦70,000 minimum wage, noting that it was introduced with assurances from the Tinubu administration that the price of PMS would remain stable at around ₦600 per liter. However, subsequent increases have further complicated the situation for ordinary Nigerians.
“This trend has wiped out much of the middle class and inflicted unprecedented hardship on citizens. Nigerian consumers are now poorer compared to previous years due to rising food, fuel, and electricity costs,” Olawumi warned.
The association urged the government to implement more policy interventions to mitigate the effects of inflation and support economic stability. Olawumi concluded that the interconnected issues of inflation, energy costs, and shrinking purchasing power are posing significant challenges to both households and businesses across the country.
