The President of the World Bank Group, David Malpass, has said that the bank will work with the International Monetary Fund to assess Nigeria’s debt sustainability.
However, the World Bank Group president said that Nigeria was yet to request the common framework for debt restructuring.
Malpass further noted that there was an ongoing discussion to ensure that this process could help a country to have a standstill on their debts and choose a path forward on debt restructuring, which means they will get a break on debt payment while they decide on how to restructure their debts. “With regards to subsidies, to the extent that the government can have them be smaller, meaning if you put a cap on gasoline prices, don’t make a nominal cap in the local terms but allow it to be reduced over time. The challenge for Nigeria is that the subsidies are too large that they undermine the revenues coming to the government from the state-owned oil company.
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