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WORLD BANK in support as FG presents it's new strategy to fight Fuel Subsidy

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The Federal Government embarks on a new project to eliminate fuel subsidies as the World Bank supports the notion.

On Tuesday, the World Bank, experts, and various operators, commented... as the Federal Government makes a valid decision to pay 5,000 naira grants to over 40 million Nigerians. Which is part of the measures targeted at cushioning the negative impacts of petrol subsidy which could be introduced come 2022.


Mr. Zainab Ahmed. The Minister of finance, budget, and national planning went public that the government will remove the subsidy by 2022, and replace it with 5,000 naira a month transportation grants to the poorest Nigerians.

This Grant is generated paid to about 30 to 40 million and above Nigerians, as said at the launch of the World Bank Nigeria development update [NDU]; by the minister

He said,


"The subsidy regime in the oil sector remains unsustainable and economically this disingenuous.

"Ahead of the target date of 2022 for the complete elimination of fuel subsidy. We are working with our partners to cushion the potential negative impact of the removal of the subsidies, on the most vulnerable at the bottom 40% of the population.

WORLD BANK COMMENTS


The World Bank being in support of this motion, backs PRESIDENT MUHAMMADU BUHARI'S administration, to try their best and eliminate fuel subsidies.

The World Bank made this public in its Nigeria development update, NDU, titled TIME for BUSINESS UNUSUAL" released on Tuesday.

Reports claim that;


"The insufficient supply of foreign exchange [FX] issues, related to the predictability of exchange rates in management. 

"The unsustainability subsidy on premium motor spirit PMS, burdensome trade restrictions, and the sizable fiscal deficit. Financing by the CBN is undermining the business environment, compounding underlying constraints on domestic revenue, mobilization, funding investments, human capacity development, and delivery of public services".

This reform is believed to make a Good change in the petroleum industry... as well as take Nigeria to a greater height of love and support from the government.

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