{"id":88989,"date":"2021-11-24T06:54:51","date_gmt":"2021-11-24T05:54:51","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=88989"},"modified":"2021-11-24T06:54:51","modified_gmt":"2021-11-24T05:54:51","slug":"world-bank-to-fg-end-subsidy-as-govt-pays-n864bn-in-9-months","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/world-bank-to-fg-end-subsidy-as-govt-pays-n864bn-in-9-months\/","title":{"rendered":"World Bank To FG: End Subsidy, As Govt Pays\u00a0 N864bn In 9 Months"},"content":{"rendered":"
\n
The federal government paid a staggering\u00a0 N864 billion ($2.1bn) on petroleum subsidy in nine months.<\/div>\n
\n
\nThis is as the World Bank called on Nigeria to end subsidy in the next three to six months.<\/p>\n

The world apex bank, who said the subsidy rose from N107 billion in 2020 to N864 billion, said, the subsidy is the highest deduction in six years, as oil prices increase the cost of imports.<\/p>\n

The bank also called on federal government to improve exchange-rate management and speed up other reforms to boost growth.<\/p>\n

Earlier, finance minister, Zainab Ahmed, had said, the government planned to remove the subsidy by the middle of next year and replace it with N5,000 monthly payments to the poorest families<\/p>\n

Fiscal pressures have increased for Nigeria as higher petrol subsidy costs cut revenues, the bank said in a report, urging bold reforms to boost income.<\/p>\n

\u201cThe Premium Motor Spirit (PMS) subsidy is eroding Nigeria\u2019s limited fiscal space to provide essential services. Aggressive reform effort could contribute more to growth than a sustained period of high oil prices,\u201d the world bank said.<\/p>\n

Nigeria has fallen behind on implementing reforms started at the height of the COVID-19 pandemic, the bank said, adding that growth rates will lag those of other emerging economies, unless momentum is restored.<\/p>\n

<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The federal government paid a staggering\u00a0 N864 billion ($2.1bn) on petroleum subsidy in nine months. 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