Nigeria spent N10trn subsidizing petrol, exchange rates by 2022 — World Bank reveals …C0NTINUE READING HERE >>>
The World Bank has revealed that Nigeria spent N10 trillion a year subsidizing petrol and exchange rates by 2022.
According to Indermit Gill, Senior Vice President of the World Bank Group, this figure, amounting to $15 billion at the free market exchange rate, was lost through a combination of fuel subsidies and disparities in exchange rates.
Gill stated this on Monday at the 30th Nigerian Economic Summit.
He said that Africa goes as Nigeria goes, so given its size and significance, and the success of Nigeria’s reforms that are happening today, will give a big boost to countries…
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