Nigeria’s fiscal gains from subsidy removal is estimated to be 3.9 trillion naira in 2023 and more than 21 trillion naira between 2023 and 2025.
The World Bank made the projection in its latest Nigeria Development Update (NDU), released Tuesday.
It noted that the removal of the petrol subsidy and foreign exchange (FX) management reforms are crucial measures to begin to rebuild fiscal space and restore macroeconomic stability.
The report added that it is critical to implement a comprehensive reform package that encompasses a range of complementary measures, including a new social compact to protect the poor and most vulnerable, to maximize the collective impact on growth, job creation, and poverty reduction
Follow Us
