The Nigerian Bar Association (NBA), Ikeja Branch, has urged President Bola Tinubu to put in place policies and effective measures aimed at reducing economic pressures on the citizens.
It also expressed displeasure on the latest increase in the pump of Premium Motor Spirit (PMS) across the country and the 250 per cent tariff hike in electricity.
The Chairman of the Branch, Mr Oluwaseyi Olawumi, said these on Tuesday while addressing the newsmen in Ikeja, on the increasing fuel price, inflation, and rising cost of living in the country.
Olawumi said there was a need for government to put in place more policy interventions to address the burden of rising living costs, especially for vulnerable populations.
According to him, citizens have faced unprecedented challenges due to the hike in fuel prices, in the past few weeks.
The chairman said the hike had impacted inflation, consumer expenditure, transportation overhead, healthcare expenses as well as education costs, with notable effects on micro enterprises and households.
He said the reasons proffered for the recently reviewed national minimum wage of N70,000 was the assurance by Tinubu that the pump price of PMS would not be increased from the previous price range of N600 per liter.
Olawumi said: “Inflation is now at its highest, reducing purchasing power and disproportionately impacting low- and middle-income families who are already vulnerable.
“The combined effects of this fuel price hike and 250% 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 that Nigerian consumers were poorer compared preceding years due to increased food, motor vehicle fuel, and electricity prices.
The branch chairman said that the interconnected issues had created a web of economic challenges that posed significant hurdles to financial stability and well-being of the nation.
He said they had also contributed to social unrest and had mental health implications on the citizens.
The association urged the government to have a rethink on 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 urge the government to delineate the complicated impacts of fuel price hikes, 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,” Olawumi said. (NAN)