Nigeria should end its expensive fuel subsidy regime within three to six months, the World Bank said on Tuesday.
reported that the bank advised that the removal of the subsidy must be accompanied by “aggressive reform effort” that “could contribute more to growth than a sustained period of high oil prices.”
Africa’s largest economy devotes a huge chunk of its annual spending on subsidy to lower the prices of premium motor spirit or petrol. Removing the costly support has caused a face-off between the government and the labour.
Already, the government has spent at least $2.1 billion (about ₦864 billion at ₦410.59 per $) on fuel subsidy in the first nine months of 2021.
improving infrastructure,” the World Bank said in a report.
“The Premium Motor Spirit (PMS) subsidy is eroding Nigeria’s limited fiscal space to provide essential services.”
Removal of the subsidy will lead to increment in the prices of the product on which millions of people depend on to power their electricity generators for their homes and businesses because of pervasive erratic power supplies.
The chief executive of now-privatised Nigerian National Petroleum Corporation Mele Kyari said in September that an increase in the price of fuel at the time would have a direct bearing on the
improving infrastructure,” the World Bank said in a report.
“The Premium Motor Spirit (PMS) subsidy is eroding Nigeria’s limited fiscal space to provide essential services.”
Removal of the subsidy will lead to increment in the prices of the product on which millions of people depend on to power their electricity generators for their homes and businesses because of pervasive erratic power supplies.
The chief executive of now-privatised Nigerian National Petroleum Corporation Mele Kyari said in September that an increase in the price of fuel at the time would have a direct bearing on the
“Urgent priorities for the next three to six months include reducing inflation, improving exchange-rate management … eliminating the PMS subsidy … and
improving infrastructure,” the World Bank said in a report.
“The Premium Motor Spirit (PMS) subsidy is eroding Nigeria’s limited fiscal space to provide essential services.”
Removal of the subsidy will lead to increment in the prices of the product on which millions of people depend on to power their electricity generators for their homes and businesses because of pervasive erratic power supplies.
The chief executive of now-privatised Nigerian National Petroleum Corporation Mele Kyari said in September that an increase in the price of fuel at the time would have a direct bearing on the
improving infrastructure,” the World Bank said in a report.
“The Premium Motor Spirit (PMS) subsidy is eroding Nigeria’s limited fiscal space to provide essential services.”
Removal of the subsidy will lead to increment in the prices of the product on which millions of people depend on to power their electricity generators for their homes and businesses because of pervasive erratic power supplies.
The chief executive of now-privatised Nigerian National Petroleum Corporation Mele Kyari said in September that an increase in the price of fuel at the time would have a direct bearing on the
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