The World Bank has urged the federal government under President Bola Ahmed Tinubu not to reverse the ongoing economic reforms, warning that it may have negative implications for the country.
The World Bank Country Director for Nigeria, Dr. Ndiame Diop stated this on Thursday, October 17, 2024, at the launch of the Nigeria Development Update (NDU) report in Abuja.
Removal of fuel subsidy and abolishing of multiple foreign exchange systems were policies introduced by the current administration on day one in office.
While the federal government has consistently defended the policies, many Nigerians have complained about their implications on the masses.
The pump price of fuel which was N198 at the time the government of President Bola Tinubu removed subsidy, now sells above N1,000, while the naira which traded below N600 for one dollar is now above N1,700 in the parallel market.
However, speaking on Thursday, Diop affirmed that while the reforms may bring harship, it was necessary for the nation’s long-term stability.
Dr. Diop warned that “Reversing these reforms would be detrimental and would spell doom for Nigeria,”
Similarly, Alex Sienaert, World Bank’s lead economist speaking at the event said Nigeria is seeing positive results from the economic reforms by President Bola Tinubu’s administration.
Sienaert said Nigeria’s fiscal deficit has reduced from 6.2 percent in the first half of last year to 4.4 percent in the first half of this year.