{"id":34794,"date":"2020-10-09T10:39:34","date_gmt":"2020-10-09T10:39:34","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=34794"},"modified":"2020-10-09T10:39:44","modified_gmt":"2020-10-09T10:39:44","slug":"world-bank-hails-nigerian-govts-removal-of-fuel-subsidy","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=34794","title":{"rendered":"World Bank hails Nigerian govt\u2019s removal of fuel subsidy"},"content":{"rendered":"\n
\"World<\/figure>\n\n\n\n

The World Bank has said Nigeria\u2019s removal of fuel subsidy is a crucial decision taken in the face of the coronavirus crisis.<\/p>\n\n\n\n

It observed in its Africa\u2019s Pulse report, a biannual commentary on the near-term macroeconomic outlook of the continent, that sub-Saharan African countries are leveraging the opportunity presented by the crisis to speed up structural reform plans.<\/p>\n\n\n\n

\u201cThe COVID-19<\/a> crisis is not being wasted among countries in the region\u2026 In Nigeria, the government has taken important steps to reform its subsidy regime,\u201d the report said.<\/p>\n\n\n\n

The Washington-based multilateral lender stated that government had shelved subsidy and introduced a market-induced pricing system with no price limits.<\/p>\n\n\n\n

\u201cThe gasoline (petrol) price is set monthly by the Petroleum Products Pricing Regulatory Agency from market-based costs.<\/p>\n\n\n\n

\u201cWhen international petroleum product prices start to recover, the PPPRA will allow price increases accordingly.\u201d<\/p>\n\n\n\n

A Reuters report in August disclosed that the World Bank might not approve Nigeria\u2019s $1.5 billion budget support facility on the grounds of non-implementation of desired reforms.<\/p>\n\n\n\n

It went further to say that fuel subsidy and electricity were parts of the precedent conditions, noting that a bank source said the loan might not be approved until October.<\/p>\n\n\n\n

The multilateral lender said on Thursday that the real Gross Domestic Product<\/a> of sub-Sahara Africa would shrink by 3.3 per cent in 2020. It grew by 2.4% last year.<\/p>\n\n\n\n

\u201cIn Nigeria, after expanding 1.9 per cent year-on-year in 2020 Q1, real GDP contracted by 6.1 year-on-year in 2020 Q2, with growth in the oil and non-oil sectors falling.<\/p>\n\n\n\n

\u201cThe near-term outlook is subject to considerable uncertainty as the economy continues to grapple with the effects of the pandemic.<\/p>\n\n\n\n

\u201cInvestment remains weak amid high uncertainty. Growth is projected to fall by 4.1 per cent in 2020 and remain subdued at 0.3 per cent in 2021.\u201d<\/p>\n\n\n\n

The World Bank estimated that even though the country\u2019s public debt level would rise, it would stay below 30 per cent of GDP in 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

The World Bank has said Nigeria\u2019s removal of fuel subsidy is a crucial decision taken in the face of the coronavirus crisis. It observed in its Africa\u2019s Pulse report, a biannual commentary on the near-term macroeconomic outlook of the continent, that sub-Saharan African countries are leveraging the opportunity presented by the crisis to speed up […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[21,43],"tags":[],"yoast_head":"\nWorld Bank hails Nigerian govt\u2019s removal of fuel subsidy » WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=34794\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=34794#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Economy\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=21\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"World Bank hails Nigerian govt\u2019s removal of fuel subsidy\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"World Bank hails Nigerian govt\u2019s removal of fuel subsidy » WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=34794","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=34794#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Economy","item":"https:\/\/watchdogplusmedia.com\/?cat=21"},{"@type":"ListItem","position":3,"name":"World Bank hails Nigerian govt\u2019s removal of fuel subsidy"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=21\" rel=\"category\">Economy<\/a> <a href=\"https:\/\/watchdogplusmedia.com\/?cat=43\" rel=\"category\">Petroleum<\/a>","rttpg_excerpt":"The World Bank has said Nigeria\u2019s removal of fuel subsidy is a crucial decision taken in the face of the coronavirus crisis. It observed in its Africa\u2019s Pulse report, a biannual commentary on the near-term macroeconomic outlook of the continent, that sub-Saharan African countries are leveraging the opportunity presented by the crisis to speed up…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/34794"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34794"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/34794\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}