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The political economics of subsidy withdrawal, announced six weeks ago by the new government of President Bola Ahmed Tinubu on its very first day, continues to stare the government right back in the face, as a massive hike—nearly 300%—in the pump price of petrol ignites corresponding increases in the cost of just about everything else.…
President Muhammadu Buhari has ruled out the possibility of heeding calls by the International Monetary Fund (IMF), World Bank and other leading economists to remove fuel subsidy. The President said this in an interview he granted Bloomberg with the transcripts
THE World Bank has called on the Federal Government to remove fuel subsidy, reduce its indebtedness to the Central Bank of Nigeria (CBN) and increase tax
Punch Newspapers Sections Amarachi Orjiude and Sami Olatunji, Abuja Published 16 June 2021 Amarachi Orjiude and Sami Olatunji, Abuja Published 16 June 2021 While the Governor of Ekiti State, Kayode Fayemi, said on Tuesday that the removal of fuel subsidy will benefit poor Nigerians, financial experts argued that it would bring about increased hardships. Fayemi, while addressing journalists after the launch of the Nigerian Development Update by the World Bank in Abuja, said there was a need for proper communication on the economic status of the country. “Nigeria is not this boundlessly ric...
Punch Newspapers Sections Amarachi Orjiude and Sami Olatunji Published 16 June 2021 Published 16 June 2021 The Director General of the Budget Office of the Federation, Ben Akabueze, on Tuesday said cutting budget allocations to Federal Government agencies would not have a significant impact on Nigeria’s revenue. Akabueze said this in Abuja at the launch of the Nigerian Development Update by the World Bank. According to him, allocations to the legislature account for less than one per cent of the total budget for the year and as such, reductions won’t solve revenue problems. He said, “W...