Use subsidy savings reduce suffering, World Bank tell FG
Di World Bank yesterday call on di Federal Government, FG to reallocate part of di savings from fuel subsidy removal to reduce di suffering of Nigerians wey dey worsen by di negative impact of di policy.
Making dis call for hin latest Nigeria Development Update, NDU, wey dey released yesterday, di World Bank note am say additional 7.1 million Nigerians go enter poverty, especially without measures to compensate for di negative impact of subsidy removal on di populace.
Di removal of petrol subsidy and foreign exchange (FX) management reforms, according to World Bank, na crucial measures to begin to rebuild fiscal space and restore macroeconomic stability, and dem need to seize di opportunity to take further, necessary policy reform steps.
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Also, dem note say di new administration bin initiate critical reforms to address macroeconomic imbalances.
Specifically, di organisation yarn say di president need to seize di window of opportunity for a transformative impact on di lives of millions of Nigerians and establish a solid foundation for sustainable and inclusive growth.
Di report show say in di first part of 2023, Nigeria economic growth weakened, as real Gross Domestic Product, GDP, growth fall from 3.3% in 2022 to 2.4% year-on-year (y-o-y) in Q1 2023.
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