Tuesday, March 17

Tag: subsidies

Petrol, electricity subsidies hurting poor Nigerians- World Bank
16Mar By Emeka OkaforNo Comments
Reports

Petrol, electricity subsidies hurting poor Nigerians- World Bank

According to the World Bank, subsidies reduce government expenditures aimed at assisting impoverished Nigerians and predominantly aid affluent families. This data was shared in a declaration published on the bank’s website to commemorate the release of the most recent Nigeria Public Finance Review report. The bank asserted that Nigeria's resources had been allocated by ineffective and outdated subsidiaries for the acquisition of fuel, electricity, and foreign currency. It further stated that the subsidies were considerably greater than the total amount spent in 2021 on social assistance, healthcare, and education collectively. The statement mentioned, “For many years, a significant portion of Nigeria’s resources has supported inefficient and regressive subsidies for petrol, e...
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World Bank reveals why FG pays electricity subsidies
16Mar By Emeka OkaforNo Comments
Reports

World Bank reveals why FG pays electricity subsidies

One of the justifications for electricity subsidies provided by the government, as stated by the World Bank, is the failure of numerous federal, state, and local government ministries, departments, and agencies (MDAs) to settle their electricity bills. This detail was included in the Nigeria Public Finance Review report published by the World Bank. As outlined in the report, the Nigerian Federal Government has been funding electricity costs ever since the sector was privatised. The report further indicated that this subsidy is among the elements leading to the underwhelming performance of the power industry. The World Bank report also highlighted that the transition from a predominantly publicly owned to a predominantly privately owned power sector has not yielded the expected s...
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