Recall that President Bola Tinubu, on the day of his inauguration into office, announced the removal of fuel subsidy.
Since then, the official price of Petrol Motor Spirit (PMS) experienced significant increase of more that 200%.
This has resulted to extraordinary increase in cost of production and transportation fare. It has also led to inflation in food prices, casuing hunger and poverty in the land.
The World bank noted that though the increase in pump price will likely lead to inflation in the coming months before contributing to deflation in the medium term, governments at all level must put in place measures to ameliorate the sufferings of its people.
Speaking at the launch of the report in Abuja, the World Bank Country Director, Dr Shubham Chaudhuri said the policy though painful, remains key to rebuilding the economy of the nation.
The World Bank has said that Nigeria is projected to save up to $5.1 billion (N3.9 trillion) in 2023 alone after the removal of fuel subsidy and reforms of its foreign exchange market.
