We’ll Support Nigeria To Remove Fuel Subsidy, W’Bank President Tells Osinbajo

The World Bank Group has stated that the international financial institution is ready to support Nigeria in phasing out regressive fuel subsidies, while increasing social assistance for the poor.

The World Bank Group’s President, David Malpass disclosed this in a statement following his meeting with the Vice-President Yemi Osinbajo.

Malpass further advised the Vice-President that the unified exchange rate will assist in improving the business enabling environment in Nigeria, and attract foreign direct investment.

The statement partly reads, “President Malpass emphasized 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.

“President Malpass affirmed to Vice President Osinbajo the WBG’s readiness to support Nigeria in phasing out regressive fuel subsidies, while increasing social assistance for the poor and vulnerable.

“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 also discussed the importance of increasing domestic revenues through broadening Nigeria’s tax base and increasing the efficiency of tax administration.”