fbpx

info@lawreporterslive.com

21.4 C
Abuja
Friday, September 29, 2023

World Bank’s Malpass Says Fuel Increase Good For Nigeria

Must read

Court temporarily halts re-trial of Orji Uzor Kalu over alleged N17.1bn fraud

A Federal High Court in Abuja has ordered the re-arraignment of former Abia State Governor, Orji Uzor Kalu in an alleged N7.1bn money-laundering charges...

Ayade swears in Justice Akon Ikpeme as Cross River Chief Judge

Twice rejected by the State House of Assembly for being a security threat Justice Akon Bassey Ikpeme was on Monday sworn-in by Cross River...

Court orders forfeiture of Yari’s N284m to FG

A Federal High Court in Abuja on Tuesday ordered a final forfeiture of about N284, 306, 294.04 linked to a former governor of Zamfara,...

Court reverses dismissal of 3 police officers, orders recall

Justice Elizabeth Oji of the Lagos Judicial division of the National Industrial Court has nullified the purported dismissal of Mufutau Olaosun, Temitope Adebayo, and...

World Bank President, David Malpass, said the decision of the Federal Government to remove subsidy would benefit Nigeria in the longrun. He commended the government, but said he doesn’t see opportunities in Nigeria, rather many problems facing the country.

“I compliment Nigeria for tackling the problem of subsidies in the hydrocarbon area,” he said, adding that, “By reducing those subsidies and allowing gasoline prices to rise – it is very hard for governments to do that – there are substantial benefits.

“It means that there are fiscal savings, it also means that there are environmental benefits that are large and it allows markets to work better and to allocate resources better. So, I think progress is being made in that area and it is valuable.” Malpass said.

This was made during the ongoing virtual 2020 annual meetings of the International Monetary Fund (IMF) and World Bank. Malpass further stated that, “I see many problems. It’s harder to see the opportunities; this is a bad thing that happened to the world and particularly to poor people in the world because there’s not an evident solution.

“For Nigeria, the vital steps are to strengthen the health system and the education system, and we try to work in those areas. Also, the governance system and transparency are vital in order to reduce corruption within the system.”

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

Court temporarily halts re-trial of Orji Uzor Kalu over alleged N17.1bn fraud

A Federal High Court in Abuja has ordered the re-arraignment of former Abia State Governor, Orji Uzor Kalu in an alleged N7.1bn money-laundering charges...

Ayade swears in Justice Akon Ikpeme as Cross River Chief Judge

Twice rejected by the State House of Assembly for being a security threat Justice Akon Bassey Ikpeme was on Monday sworn-in by Cross River...

Court orders forfeiture of Yari’s N284m to FG

A Federal High Court in Abuja on Tuesday ordered a final forfeiture of about N284, 306, 294.04 linked to a former governor of Zamfara,...

Court reverses dismissal of 3 police officers, orders recall

Justice Elizabeth Oji of the Lagos Judicial division of the National Industrial Court has nullified the purported dismissal of Mufutau Olaosun, Temitope Adebayo, and...

Court acquits lawyer of stealing N50.2m from Domino Stores

An Ikeja High Court on Wednesday acquitted a lawyer, Yetunde Sousa, accused of stealing N50.2Million from Dominos Stores and Ozone Cinemas. Delivering judgment, Justice Raliat...