Friday, October 9, 2020

World Bank backs FG on petrol subsidy removal

 

The World Bank said on Thursday that the removal of petrol subsidy in Nigeria was an important step amid the COVID-19 crisis.The bank, in its ‘Africa’s Pulse’ report entitled ‘Charting the road to recovery’, said countries in sub-Saharan Africa were seizing the opportunity created by the crisis to accelerate the structural reform agenda.

PUNCH

The World Bank noted that the Nigerian government had eliminated petrol subsidy and established a market-based pricing mechanism with no price ceilings.

The PUNCH had reported on September 8 that the Federal Government’s removal of petrol subsidy and the increase in electricity tariff were in line with reforms being sought by the International Monetary Fund and the World Bank.

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