The Nigerian Bar Association Ikeja Branch (NBA Ikeja) has called on the President, Bola Tinubu, to put in place policies and effective measures aimed at reducing economic pressures on the citizens.

The association also called on the Federal Government to reverse the latest increase in the pump of PMS across the country and the 250 percent tariff hike in electricity.

The Chairman, NBA, Ikeja Branch, Mr. Oluwaseyi Olawumi, made the call yesterday while addressing the newsmen in Lagos on the stance of fuel price hikes, inflation, and rising cost of living.

He urged the present administration to halt all anti-people policies that engender hunger and insecurity in the country.

The association said there is a need for government to put in place policy interventions to address the burden of rising living costs, especially for vulnerable populations.

Olawunmi said this hike has consequently impacted inflation, consumer expenditure, transportation overhead, healthcare expenses, as well as education costs, with notable effects on micro-enterprises and household inflation expectations.

According to him, “the reasons proffered for the recently reviewed national minimum wage of N70, 000.00 was the assurance by President Tinubu that the pump price of Premium Motor Spirit (PMS) would not be increased from the previous price range of N600.00 naira per liter.

“Inflation is now at its highest in years, reducing purchasing power and disproportionately impacting low- and middle-income families who are already vulnerable and 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.

“The contemporary economic setting is fraught with challenges that permeate the daily lives of individuals and shape the broader societal framework and statistically, it is shown that Nigerian consumers are poorer in Q2 of 2023 compared to the same level in preceding years due to increased food, motor vehicle fuel, and electricity prices.

“These interconnected issues have not only created a web of economic challenges that pose significant hurdles to financial stability and well-being of our nation but also contribute to social unrest and pose implications for mental health and overall well-being of Nigerian citizens.”

The group also frowned on the delay by the government to commence payment of the new national minimum wage, which is said to be not only dreadful but traumatic.

They therefore demand a reversal of the latest increase in the pump of PMS across the country; reversal of the 250% tariff hike in electricity; Cessation of all anti-people policies that engender hunger and insecurity; and reduction of cost of the over-bloated government.

“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 and inflation on individuals, businesses, and socio-economic structures.

“We recommend that the efficacy of existing policies in addressing these adversities be scrutinized and strategies that nurture economic resilience and prosperity be proffered.”