W’Bank commits $8.5bn to Nigeria, faults N6.7tn subsidy

5th August 2022 World bank logo 5th August 2022 The World Bank has committed $8.Disclosing this on Thursday in Abuja during a summit organised by the Emergency Coordination Center, the World Bank Country Director to Nigeria, Shubham Chaudhuri, noted that the amount was the largest of any country.Related News Subsidy probe: Reps say 23 oil firms unknown Nigeria’s illicit romance with subsidy Removal of subsidy, NNPC import monopoly’ll end queues– Marketers For Professor Jonathan Aremu, a former CBN Assistant Director and Senior Lecturer at Covenant University, subsidy distorted the market, making it difficult for products to find their real value.Professor of Energy Economics at Nnamdi Azikiwe University, Uche Nwogwugwu, said the removal of subsidy would be a step in the right direction.

He further said it was Nigeria’s call to determine how it would mobilise its financial resources to enable young Nigerians to go to school or whether its scarce resources would be used to subsidise petrol with over N6.Yes, quite a lot of people depend on fuel, which is why they have continued to subsidise petrol, but we don’t know how much is really spent on subsidy.