World Bank reaffirms readiness help Nigeria phase out fuel subsidies

September 2, 2022

The World Bank Group President David Malpass has reaffirmed the Bank’s  readiness to support Nigeria in phasing out regressive fuel subsidies while increasing social assistance for the poor and vulnerable.

In a statement by the WBG on the meeting with Nigeria’s Vice president, Malpass while meeting with Nigeria’s Vice President Yemi Osinbajo on the sideline of the US forum also welcomed Nigeria’s commitment to achieving universal energy access and reducing GHG emissions while maintaining reliable baseload.

He emphasised the importance of integrating climate and development, as well as the need for an enabling policy and regulatory environment alongside strengthened institutions in the energy sector.

Malpass encouraged a decisive move toward exchange rate unification and stabilization by Nigeria, highlighting the economic benefits for the Nigerian people.

A unified exchange rate he emphasised, will significantly improve the business enabling environment in Nigeria, attract foreign direct investment, and reduce inflation.

He however also noted the importance of increasing domestic revenues through broadening Nigeria’s tax base and increasing the efficiency of tax administration.