• Privacy Policy
  • Terms
  • About us
  • Contact Us
Wednesday, March 22, 2023
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Natural Resources

World Bank insists Nigeria drops fuel subsidy

World Bank

The Matters Press by The Matters Press
April 21, 2022
Reading Time: 2 mins read
0
World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021

The President of the World Bank Group, Mr. David Malpass, has insisted that Nigeria should reconsider its policy on fuel subsidy, explaining that that the huge amount being expended on the policy could be channelled to other critical sectors.

RELATED POSTS

Africa’s trade needs to expand for deeper regional integration – ECA

Investors’ worth on NGX drops by N16bn

ECA explains Africa’s progress, challenges of AfCFTA implementation

Malpass said during a media briefing at the ongoing World Bank/International Monetary Fund Spring Meetings in Washington DC.

The Senate last week approved the total sum of N4 trillion for petrol subsidy in 2022.

ALSO READ  World Bank highlights achievements as Malpass leaves

The figure represented the amount contained in two separate requests by the President to the National Assembly for approval.

The President, had in a letter to the Legislature dated 10th February, 2022, sought an additional N2.557 trillion to fund subsidy payments from July to December, 2022.

The World Bank had last November sounded the alarm bells to Nigeria, saying further delay in removing the fuel subsidy which had been described as a major drain and waste on the economy could see federal and state governments unable to pay salaries from 2022.

The Lead Economist, Nigeria Country office of the World Bank, Marco Antonio Hernandez, had painted a gloomy picture of Nigeria if the country decides to continue with the controversial fuel subsidy.

ALSO READ  Nigeria’s N17.1trn budget to gets presidential accent on Friday

But speaking during the media briefing, Malpass pointed out that generalised subsidies have significant negatives effects on any system.

“One is that they are expensive because they go to everyone and they are often used by people with upper incomes than by people with lower incomes so they are not targeted.

“So, we encourage that when there is need for subsidy, either food or for fuel, that it should be carefully targeted at those most in need of it. And so, we have encouraged Nigeria to rethink its subsidy effort,” he said.

Speaking further, the World Bank boss reiterated the need for the country to do away with multiple exchange rate system, which according to him was often, “complicated and is not as effective as it would be if there were a single exchange rate.”

ALSO READ  FCT-IRS extends filing of annual returns

He added: “The most useful thing for developing countries is to have a single exchange rate that is market-based, that is stable over long periods of time as that attracts investment and so that would help.”

More=ThisDay=

Tags: World Bank
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

UNECA urges media to pressure govts on policies
Economy/Technology

Africa’s trade needs to expand for deeper regional integration – ECA

March 21, 2023
Trading in Nigerian stock market dips further N83bn
Economy/Technology

Investors’ worth on NGX drops by N16bn

March 21, 2023
AfCFTA’s potential for enterprises dominates discussion
Economy/Technology

ECA explains Africa’s progress, challenges of AfCFTA implementation

March 21, 2023
Fraud in banking sector, mostly insider instigated
Economy/Technology

Norrenberger completes takeover of 60% equity in Infrastructure Bank

March 21, 2023
Economy/Technology

Africa’s trade needs to expand for deeper regional integration – ECA

March 21, 2023
July petrol pump price ranges between N140.80 and N143.80
Economy/Technology

Petrol price increased by 54.76% a litre in one year – NBS

March 21, 2023
Next Post
Nigeria gets AfDB’s $14m as member of ATI

AfDB to double Africa’s climate finance to $25bn

Kenya hits the globe for oil investment

OPEC daily basket price now $108.81 per barrel

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Africa’s remittance inflows hit $72b

Senate to reduce Nigeria’s borrowing

January 13, 2022
Ezekwesili crashes out of race

Ezekwesili crashes out of race

January 24, 2019

Working from home is the new normal as we combat the Covid-19

December 14, 2021

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Africa’s trade needs to expand for deeper regional integration – ECA
  • Investors’ worth on NGX drops by N16bn
  • ECA explains Africa’s progress, challenges of AfCFTA implementation

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?