The Nation Newspaper IMF insists Nigeria must remove fuel subsidies to benefit poor
The reason for the insistence is because the subsidy as it were only favours the rich and impoverishes the poor.
He further explained, “And the reason why we counsel against such generalized subsidies is very simple. It tends to be highly regressive, meaning the benefits of such fuel subsidies tend to accrue to the rich and not to the poor people.” He pledged continued support but cautioned against seeking commercial loans for refinancing due to current high interest rates, advising African nations to focus on domestic resource mobilization instead.
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