World Bank Raises Alarm Over Nigeria’s Continued Payment of Fuel Subsidy

World Bank Raises Alarm Over Nigeria’s Continued Payment of Fuel Subsidy

World Bank Raises Alarm Over Nigeria’s Continued Payment of Fuel Subsidy In light of Nigeria’s dwindling revenue, the continued payment of trillions of naira on fuel subsidy by the government and the attendant economic challenges, the World Bank has raised the alarm that the country might be facing an existential threat. The international financial institution

World Bank Raises Alarm Over Nigeria’s Continued Payment of Fuel Subsidy

In light of Nigeria’s dwindling revenue, the continued payment of trillions of naira on fuel subsidy by the government and the attendant economic challenges, the World Bank has raised the alarm that the country might be facing an existential threat.

The international financial institution warned that if the country failed to optimise its tax system and focus on other areas to boost its revenue, the already low revenue would continue to drop. It noted that despite the rise in the price of oil in the international market, Nigeria had not reaped the benefits because of the huge amount spent on fuel subsidy.

The Senior Public Sector Specialist, Domestic Resource Mobilisation, at the World Bank, Mr Rajul Awasthi, said these at a virtual pre-summit

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