According to the World Bank, the Federal Government’s policies on exchange rate unification and subsidy elimination are still essential to reviving the country’s economy.
The observation is made in light of President Bola Ahmed Tinubu’s administration’s decision to eliminate gasoline subsidies and take steps to unify the foreign exchange market.
Dr. Subham Chadhuri, the World Bank’s country director, revealed this at an event the bank hosted on Tuesday to evaluate the country’s economy over the previous six months.
Chadhuri, however, supported policies that would lessen the effect on individuals in the long run.
He added that Nigeria had received more than 10 billion dollars in concessionary funding from the World Bank.