World Bank Advises Nigeria to Sustain Fuel Subsidy Removal

By Olaolu Fawole

The World Bank has advised the federal government on the need to ensure accountability in the disbursement of proceeds from the fuel subsidy removal.

Country Director, World Bank, Nigeria Office, Professor Shubham Chaudhuri, said this in Ibadan at a Symposium on “Economic Opportunity Pathways to Navigating Post-reform Challenges in Nigeria”.

He stated that Nigerians must benefit from the proceeds through various poverty alleviation programmes such as cash transfer scheme, provision of Mass transit buses, assistance to farmers and free education, while the federal government should sustain the removal of the fuel subsidy and also curb commercial malpractices.

Professor Chaudhuri enjoined state governments that have benefitted from the World Bank projects like NG-CARES programme, to complement the federal government in the post subsidy removal regime.

On the issue of rising inflation in the country, Professor Chaudhuri advised the President Bola Tinubu led administration to end borrowing from the Central Bank of Nigeria, CBN and create more friendly environment for private investments to thrive.

Also speaking, Director General, Nigeria Institute of Social and Economic Research, NISER, Professor Anthonia Simbine, reiterated the need for the nation’s economy to be diversified in a genuine and value adding ways.

In a message to the programme, Vice Chancellor, University of Ibadan, Professor Kayode Adebowale, who spoke through the Dean, Faculty of Economics and Management Sciences, Professor Olanrewaju Olaniyan, pointed out that the University would continue to embark on researches on ways to navigate Post reforms era in Nigeria.

Other speakers at the Symposium while appealing to Nigerians to exercise more patient as a result of the effects of the fuel subsidy removal, equally called on governments to ensure upward review of workers salaries and also improve the security situation of the country.

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