The World Bank on Tuesday threw its weight behind the decision by the federal government to remove subsidy on petrol and the unification of the exchange rate regime.
The bank’s country director, Dr Subham Chadhuri, who made the disclosure at an event organised to assess the nation’s economy in the last six months, explained that the policy though painful remains key to rebuilding the economy of the nation.
Chadhuri, however, advocated measures that will reduce the impact on the people going forward.
He further stated that the World Bank’s concessionary funding to Nigeria currently stands at over ten billion dollars.
Also speaking, a lead economist at the World Bank, Alex Seinart, said the removal of the fuel subsidy is projected to achieve estimated fiscal gains of about 3.9 trillion Naira in 2023.
The gains according to him are expected to reach over 21 trillion naira between 2023 to 2025.
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