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Nigeria Finally Succumbs To World Bank Conditions, Removes Subsidy On Electricity

Nigeria succumbs to World Bank conditions, removes subsidy on electricity

A report from sunnewsonline.com brought to our notice that the Nigeria Federal Government may have succumbed to the pressure by World Bank to remove its subsidy on electricity as a condition to accessing more funds.

It was written last week by President Muhammadu Buhari to the National Assembly seeking approval to borrow the sum of $4,054,476,863 billion and €710 million, a move that generated uproar. information guide nigeria

As the speculating report claimed, the World Bank has vowed not to allow the government to access more funds until the government’s subsidy on electricity was removed.

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Nigeria is expected by the world bank to meet certain preconditions before the loan is disbursed, which include unification of the exchange rate, the introduction of new electricity tariffs, and the removal of fuel and electricity subsidies. jamb result

Although the world bank decision may inflict untold hardship on ordinary Nigerians, the country stakeholders have recommended that the subsidy money should be put into productive ventures and infrastructure.

On the other, an economy expert like Mr Eze Onyekpere suggested that the funds should be channelled into productive consumption.

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