The World Bank has decried the continued spending by the Nigerian government on petrol subsidy, which it said is on track to gobble up N2.9tn this year.
Its Country Director for Nigeria, Shubham Chaudhuri, who spoke on Monday at a panel session during the 27th National Economic Summit, said the country could channel the money being spent on subsidy to primary healthcare, basic education and rural roads.
Also speaking at the session, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the Federal Government had made provision for petrol subsidy till the end of June next year.
The World Bank director, who likened Nigeria to a malnourished individual needing urgent treatment, said some critical decisions need to be made now for the country to realise its potential. The Chairman, Presidential Economic Advisory Council, Doyin Salami, said he had argued for a long time that subsidy really needed to go.
