A former President of the World Bank, David Malpass, has commended President Bola Tinubu for removing fuel subsidy and ending multiple exchange rates.
Malpass hailed the Nigerian President for “taking concrete steps to scrap Nigeria’s harmful government subsidies and multiple exchange rates.”
According to the former World Bank President, “These are important steps toward currency stability, lower inflation, and reduced corruption in Africa’s most populous country.”
Glad to see taking concrete steps to scrap Nigeria’s harmful government subsidies and multiple exchange rates. These are important steps toward currency stability, lower inflation, and reduced corruption in Africa’s most populous country.
Tinubu, had in his inaugural speech on May 29, said the era of subsidy payment on fuel has ended.
He said the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.
“The fuel subsidy is gone,” Tinubu had declared in his inaugural speech at the Eagle Square after he was sworn in as Nigeria’s 16th President.
Tinubu said his government shall instead channel funds into infrastructure and other areas to strengthen the economy, adding that a “unified exchange rate” is guaranteed under his administration.
Following Tinubu’s pronouncement, the Nigerian National Petroleum Company Limited, announced the adjustment of the pump price across its retail outlets nationwide.
Also in his inaugural speech, Tinubu promised “thorough house cleaning” on the country’s monetary policy.
Following up on that pronouncement, the Central Bank of Nigeria (CBN) announced the the unification of exchange rates, collapsing all previous windows into one.
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