FG Faults World Bank’s Petrol Price Claims
Federal government has faulted claims by the world bank that the pump price of N650 for a liter of petrol in Nigeria is not realistic.
The bank says the N650 pump price does not reflect the realities at the official foreign exchange market.
The bank’s lead economist for Nigeria, Alex Sienaert, during his presentation of Nigeria development update in Abuja on Wednesday, says the appropriate pump price of a liter of petrol should be N750.
But the information minister, speaking on a television program on Thursday said subsidy on petrol was gone forever in Nigeria.
The minister, said the subsidy recovered from the price of petrol, has increase more revenue into the federation account.
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He, however, said a responsible government must intervene when situation was getting out of hand.
Of course, the liberalisation is happening with the parallel rates, which is the main supplier, the price would be even higher.
These are just estimates to give you a sense of what cost-reflective pricing most likely looks like.
We think the price of petrol should be around N750 per litre more than the N650 per litre currently paid by Nigerians.
Besides, the global lender said the most populous black nation secured $2.9 billion from it last year.
According to a World Bank document, tagged International Debt Report for 2023, Tanzania came second with $2.7 within the period.
The bank stated that Nigeria secured the highest figure in 2022.
The report reads in part: Nigeria and Tanzania were the top recipients of new financing from the World Bank in 2022, at US$2.9 billion and US$2.7 billion, respectively.
