Remove subsidy now, World Bank tells Nigerian Gov’t

The World Bank has advised President Muhammadu Buhari to remove fuel subsidy forthwith, saying now is the best time to do so.
The bank noted that global crude oil price is at its lowest level and that the federal government should therefore act now.
By 2018, the total spending on fuel subsidy will consume about 30 per cent of the entire oil earnings for Nigeria if the current regulated prices are maintained, the World Bank Group said in its Economic Report.

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