The World Bank has stated that the removal of fuel subsidy and the exchange rate unification is painful but key to rebuilding the economy of the nation.
This was revealed by Country Director, Dr Subham Chadhuri at an event organised by the World Bank on Tuesday.
Mr Chadhuri, however, advocated measures that will reduce the impact on the people going forward.
He further stated that the World Bank’s concessionary funding to Nigeria currently stands at over ten billion dollars.
Also speaking, a lead economist at the World Bank, Alex Seinart, said the removal of the fuel subsidy is projected to achieve estimated fiscal gains of about 3.9 trillion Naira in 2023.
The gains according to him are expected to reach over 21 trillion naira between 2023 to 2025.