World Bank has resolved to assist Nigeria in phasing out the regressive fuel subsidies plaguing the country and, enhancing social assistance for the poor and vulnerable.
The bank’s Group President, David Malpass stated this on the bank’s website that was an insight into the meeting between Malpass and Vice president, Yemi Osinbajo on Thursday.
Also, the World Bank Group President harped on the need for a unified exchange rate in Nigeria which would significantly improve the business-enabling environment and attract foreign direct investment and reduce inflation.
Part of the statement reads “President Malpass emphasized the importance of integrating climate and development, as well as the need for an enabling policy and regulatory environment alongside strengthened institutions in the energy sector.
“President Malpass affirmed to Vice President Osinbajo the WBG’s readiness to support Nigeria in phasing out regressive fuel subsidies while increasing social assistance for the poor and vulnerable.”
Further, Malpass and Osinbajo discussed Nigeria’s Energy Transition Plan over which Malpass appreciated Nigeria’s commitment to achieving universal energy access and reducing GHG emissions while maintaining reliable baseload.