President Muhammadu Buhari was advised to
remove fuel subsidy as it is best time to act
according to the World Bank.
Nigerians quee for fuel
John Litwack, the World Bank’s lead
economist, said during the the Executive
Council of the Federation meeting.
While the Buhari government has hinted at its
intent to remove fuel subsidy, the discussion
is still on in the country with many Nigerians.
Udoma Udoma, the Minister of Budget and
National Planning, while announcing the
Medium Term Expenditure Framework and the
government’s N6 trillion budget proposal for
2016, said the authorities were seriously
considering the options between removing or
retaining fuel subsidy next year.
The government’s body language seems to
approve the former, rather than the latter.
Litwack added that the new edition of Nigeria
Economic Report that if the government really
meant to take a decision on the issue of fuel
subsidy removal, the best time to act would
be now that world crude oil price was at its
lowest level.
While presenting the economic outlook of the
global economy and the crude oil market, Mr.
Litwack said the Bank predicted continuous
weakening in global crude oil price.
He said now is the best time for Nigeria to
remove the subsidy, as doing so would not
push retail pump price beyond an average of
N100 per litre, or generate the kind pressure
that would negatively impact on the people
beyond what they are currently facing.
Litwack said: “ The fuel subsidy appears to have
vast modest benefits for the majority of citizens,
but the costs are quite high,” Mr. Litwack noted.
Cc lalasticlala https://www.naij.com/660618-now-best-time-buhari-scrap-fuel-subsidy.html

Hmmmn

Some people won't like this news....
The Hunter about to become the hunted!
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