World Bank Urges Accountability In Disbursement Of Subsidy Proceeds

Afimag.com –

World Bank has advised the federal government to exhibit high sense of responsibility while distributing the earnings from fuel subsidy removal.

Country Director, World Bank, Nigeria Office, Professor Shubham Chaudhuri, made this in Ibadan at a Symposium on “Economic Opportunity Pathways to Navigating Post-reform Challenges in Nigeria”.

Chaudhuri expressed the need for common Nigerians to be assisted with the returns from fuel subsidy removal via myriad of poverty alleviation programmes such as cash transfer scheme, provision of Mass transit buses, assistance to farmers and free education.

According to him, state governments that have benefitted from the World Bank projects like NG-CARES programme, to compliment the federal government in the post subsidy removal regime.

On inflation, Professor Chaudhuri urged the President Bola Tinubu to end borrowing from the Central Bank of Nigeria, while creating an enabling environment for private investments to thrive.

On his part, Director General, Nigeria Institute of Social and Economic Research, NISER, Professor Anthonia Simbine, reiterated the need for economic diversification.

Vice Chancellor, University of Ibadan, Professor Kayode Adebowale, who was represented by the Dean, Faculty of Economics and Management Sciences, Professor Olanrewaju Olaniyan, pointed out that the University would continue to embark on research to enhance socio-economic development.

Other speakers at the Symposium while appealing to Nigerians to endure the effects of fuel subsidy removal, called on governments to ensure upward review of workers’ salaries and also improve the security situation of the country.