World Bank: Nigeria to lose N5tr from petrol subsidy
Written by on June 15, 2022
The World Bank has warned that Nigeria could lose around N5trillion in the year from subsidising petrol.
The World Bank, in its Nigeria Development Update (NDU) released yesterday in Abuja, said N5 trillion is urgently needed to cushion ordinary Nigerians from the crushing effect of double-digit increases in the cost of basic commodities, to invest in Nigeria’s children and youth, and in the infrastructure needed for private businesses small and large to flourish, grow and create jobs.”
The NDU highlighted: “The inflationary pressures will be compounded by the fiscal pressures Nigeria will face this year because of the ballooning cost of gasoline subsidies at a time when oil production continues to decline.