FORMER President of the World Bank, David Malpass, has praised President Bola Tinubu for removing fuel subsidy and ending multiple exchange rates.
In a Tweet on Wednesday, Malpass commended Tinubu for “taking concrete steps to scrap Nigeria’s harmful government subsidies and multiple exchange rates.”
The former World Bank President said: “These are important steps toward currency stability, lower inflation, and reduced corruption in Africa’s most populous country.”
Malpass is the 13th President of the World Bank Group from April 9, 2019 to June 1, 2023.
Announcing the end of the subsidy era on his inauguration day, Tinubu said that the 2023 Budget did not make any provision for fuel subsidy. He added that subsidy payment is no longer justifiable.
“The fuel subsidy is gone,” Tinubu had declared in his inaugural speech at the Eagle Square after he was sworn in as Nigeria’s 16th President.
The President assured that his government shall instead channel funds into infrastructure and other areas to strengthen the economy, adding that a “unified exchange rate” is guaranteed under his administration.
