The World Bank has stated that the Federal Government may still be paying for fuel subsidy, considering that fuel prices are currently not cost-reflective in the country.
It said the price of petrol should be around N750 per litre more than the N650 per litre currently being paid by Nigerians.
The bank’s Lead Economist for Nigeria, Alex Sienaert, revealed this during his presentation of the Nigeria Development Update, December 2023 edition titled, ‘Turning The Corner (from reforms and renewed hope, to results) on Wednesday in Abuja.
During the event, which is hybrid, he noted that based on the official exchange rate today, fuel should cost N750/litre.
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#yourviewtvc | December 15th, 2023
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