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IMF Recommends Total Fuel Subsidy Removal For Nigeria - TheCityPulseNews.com
…Says oil producers spent $5.2tr on that in 4 years The International Monetary Fund (IMF), Thursday, gave reasons why the Federal Government should do away with all forms of petroleum subsidy currently enjoyed by the citizens despite growing anxiety against any such intervention by President Muhammadu Buhari administration. President Buhari had raised fuel price from about N87 in 2016 to the present N145 per litre amid hue and cry by the country’s highly impoverished populace. But in her opening press briefing at the ongoing spring meetings of the World Bank and the International Monetary Fund, (IMF) in Washington DC, Christine Lagarde, the managing director of the Fund, explained that removing all forms of subsidies was the only option left for Nigeria to raise more money to fund its dilapidated infrastructure and improve the living standards of the people given its poor tax to GDP status compared to other countries in its income bracket . She disclosed that a whopping $5.2trillion has so far been spent by oil producing nations across the world on fuel subsidy in the last four years. The IMF boss said that for obvious reason, and as a general principle , the Fund believes that removing fuel subsidy was the right …