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The World Bank says the federal government of Nigeria is still paying for petrol subsidy as fuel prices in Nigeria are currently not cost-reflective.
The World Bank’s lead economist for Nigeria, Alex Sienaert, confirmed the continuous payment of petrol subsidy by the government during his presentation of the Nigeria Development Update.
He said Nigerians should pay about N750 per litre as against the current price of N650 in some places.
This is despite the numerous assurances by President Bola Ahmed Tinubu that the petrol subsidy regime is gone.
Now we know that the government paid N169.4 billion as subsidy in August to keep the pump price at N620 per litre.
