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Nigeria to remove fuel subsidy – IMF

International Monetary Fund (IMF)

The International Monetary Fund (IMF) has repeated its age-long advice to Nigeria to remove fossil fuel subsidy and deploy savings from the scheme to fix social infrastructure.

IMF Managing Director Christine Lagarde gave the advice at the opening of the ongoing World Bank/IMF spring meetings in Washington DC.

She urged Nigeria to establish social protection safety net to help the government meet the needs of people at the lower cadre of the society.

According to her, about five point two trillion dollars has so far been sent on fuel subsidies and the consequences may be greater.

Ms Lagarde said through the removal of subsidy, more public spending will be made available to build hospitals, roads, schools and to support education and health for the people

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