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World Bank Offers Succour to End Fuel Subsidy in Nigeria.

World Bank Offers Succour to End Fuel Subsidy in Nigeria.

The World Bank Group’s President, David Malpass, has announced that the bank is ready to aid Nigeria in phasing off its regressive fuel subsidies while promoting social assistance for the poor and vulnerable.

A statement that had been published on the Bank’s website had given an insight into the meeting between Malpass and Nigeria’s Vice President, Yemi Osinbajo on Thursday. Malpass had stressed the need for a unified exchange rate in Nigeria, which would most importantly, improve the business-enabling environment in the country, reduce inflation and attract foreign investment.

The World Bank President and Vice President Osinbajo had also discussed Nigeria’s Energy Transition Plan. With Malpass welcoming the country’s commitment to achieving universal energy access and reducing GHG emissions while maintaining a reliable baseload.

On the issue of the exchange rate crisis, President Malpass encouraged a decisive move toward a unifying exchange rate and Nigeria’s stabilization, while noting the economic benefits for the Nigerian citizens.

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“President Malpass emphasized to Vice President Osinbajo that a unified exchange rate will significantly improve the business enabling environment in Nigeria, attract foreign direct investment, and reduce inflation. President Malpass and Vice President Osinbajo had also discussed the importance of increasing domestic revenues through broadening Nigeria’s tax base and increasing the efficiency of tax administration,” the statement finished.

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