By Chesa Chesa
The World Bank has urged President Bola Tinubu not to reverse removal of petrol subsidy and floating of the Naira, which Nigerians have severely complained of worsening their standing of living.
Since the removal of the fuel subsidy, the price of petrol has surged from N198 to over N1,000 per litre while the Naira is exchanging for about N1,700 to the dollar at the parallel market.
But speaking at the launch of the Nigeria Development Update (NDU) report in Abuja on Thursday, World Bank Country Director for Nigeria, Dr. Ndiame Diop, acknowledged that while these reforms may impose immediate hardships on citizens, they are essential for the country’s long-term economic stability.
Diop stressed that “reversing these reforms would be detrimental and would spell doom for Nigeria.”
In same vein, Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, reaffirmed the federal government’s commitment to maintaining its reform agenda.
“Any effort that is not sustained will be a waste. Alongside the Governor of the Central Bank of Nigeria and the Minister of Budget and National Planning, we’ve been discussing how to stay on track, combat inflation, and ensure we move in the right direction.”
Edun elaborated that the government aims to reduce inflation while attracting investments in critical sectors such as industry, which will create jobs as the country anticipates significant investments in the near future.
