Economy Headline News Oil&Gas

World Bank to support Nigeria to phase out fuel subsidy

The World Bank Group’s President, David Malpass, has said the bank is prepared to assist Nigeria in phasing out fuel subsidies while enhancing social assistance for the poor and vulnerable.

A statement published on the Bank’s website gave some insights into the meeting between Malpass and Vice President Yemi Osinbajo on Thursday where Nigeria’s Energy Transition Plan was discussed.

Malpassin stressed the need for a unified exchange rate in Nigeria, which would significantly improve the business-enabling environment in the country, attract foreign direct investment, and reduce inflation.

 “President Malpass emphasized the importance of integrating climate and development, as well as the need for an enabling policy and regulatory environment alongside strengthened institutions in the energy sector’’, The statement reads

Malpass also welcomed  Nigeria’s commitment to achieving universal energy access and reducing Greenhouse gas emissions.

According to the statement, the meeting also discussed the importance of increasing domestic revenues by broadening Nigeria’s tax base and increasing the efficiency of tax administration.

Writing by Annabel Nwachukwu