Nigeria to save N13 trillion by 2025 from Tinubu’s subsidy removal: World Bank
The World Bank has projected President Bola Tinubu’s government to save at least N2 trillion in 2023 and N11 trillion by 2025 from fuel subsidy removal.
“With the petrol subsidy removal, the government is projected to achieve fiscal savings of approximately N2 trillion in 2023, equivalent to 0.9% of GDP. These savings are expected to reach over N11 trillion by the end of 2025,” the World Bank said.
The global financial institution disclosed this in its June edition of the ‘Nigeria Development Update (NDU)’ report.
Though the World Bank projected that at least N13 trillion would be saved from subsidy reform in three years, it stressed that “compensating transfers will be essential to help shield the most vulnerable Nigerian households from the initial price impacts of the subsidy reform.”
The Washington-based financial institution added, “Without compensation, many households could be pushed into poverty by higher petrol prices and have to resort to coping mechanisms with long-term adverse consequences.”
Mr Tinubu assumed office on May 29, announcing the immediate removal of the petrol subsidy, which saw the petrol pump price skyrocket to N540 from N195. However, the president did not mention plans to cushion the adverse effects on the Nigerian masses.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Abuja
Wike assures Qatar Embassy of support, seeks partnership on Abuja’s urban developmentÂ
Mr Al-Hail said he was interested in strengthening relations between Qatar and Nigeria.
Africa
IPC issues food insecurity alert in Sudan, decries decreasing humanitarian fundingÂ
The organisation recommended putting an end to hostilities and safeguarding civilians.
States
Kano govt monitors projects’ implementation, unveils digital procurement platform
The Kano government monitored 106 projects valued at N48.9 billion across six local government areas to assess implementation, quality, and service delivery over the year.
States
APGA hails Soludo over appointment as Anambra coordinator For Tinubu’s presidential campaign
The party said the appointment was a testament to Mr Soludo’s exemplary leadership.
Abuja
FCT projects will boost Tinubu’s re-election chances, Wike says
The minister defended his administration’s handling of issues affecting indigenous communities in the FCT.
Economy
G-24 advocates macroeconomic stability, inclusive growth for job creation
Mr Oyedele, chairman of the Intergovernmental Group of Twenty-Four (G-24), says macroeconomic stability, inclusive growth and deliberate policies are essential for creating jobs.
