*Urges FG To Sell Oil In Naira Not Dollars
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Prominent human rights lawyer, Femi Falana has urged the Federal Government of Nigeria to take decisive measures to strengthen the naira against the dollar.
His recommendation includes joining the BRICS economic bloc and selling Nigerian crude to foreigners in naira rather than the US currency.
Falana emphasized the need to reduce reliance on economic predictions and policies from institutions like the IMF and the World Bank, advocating for Nigeria’s inclusion in the BRICS alliance alongside countries such as Brazil, Russia, India, China, and South Africa.
He highlighted Nigeria’s absence from the BRICS alliance, despite Vice President Kashim Shettima’s previous statement that Nigeria did not apply to join the economic bloc. Falana stressed the importance of Nigeria’s participation in BRICS to bolster the naira and promote trade in naira, especially as other nations like Saudi Arabia, the UAE, Ethiopia, and Egypt are joining.
Falana criticized the government’s adherence to IMF and World Bank policies, particularly regarding electricity tariffs and petrol subsidies. He urged the government to prioritize the interests of Nigerian citizens and advised against implementing policies detrimental to the country’s economic climate.
Expressing concern over the government’s reliance on Bretton Woods institutions, Falana emphasized the constitutional mandate of the National Economic Council to advise the President on economic matters. He criticized the IMF and World Bank as tools of imperialism, designed to undermine the economies of developing nations.
Falana reiterated his call for the Nigerian government to reject IMF and World Bank policies that undermine the country’s economic sovereignty. He emphasized the importance of prioritizing the interests of Nigerian citizens and expressed readiness to take legal action if the government fails to address the issues raised within the stipulated timeframe set by the courts.
In addition, Falana proposed selling Nigerian gas and crude oil in naira to promote the country’s currency. He criticized the widespread dependence on the US dollar for transactions and suggested that a shift to naira-denominated transactions would bolster the economy.
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