World Bank decries continuous spending on fuel subsidy in Nigeria

The World Bank has decried the continued spending by the Nigerian government on petrol subsidy, which it said is on track to gobble up 2.9 trillion naira this year.

Its country director for Nigeria, Shubham Chaudhuri spoke on Monday at a panel session during the 27th National Economic Summit.

He said the country could channel the money being spent on subsidy to primary healthcare, basic education and rural roads.

Also, speaking at the session, the minister of finance, budget and national planning, Zainab Ahmed, said the federal government had made provision for petrol subsidy till the end of June next year.

She said the country is looking at complete deregulation of the sector in the second quarter of 2022.

The World Bank director also likened Nigeria to a malnourished individual needing urgent treatment, said some critical decisions need to be made now for the country to realise its potential.