Nigeria Needs Urgent Unified, Stable Market-based Exchange Rate, Says World Bank President
WORLD BANK PRESIDENT
The World Bank on Monday called on Nigeria to move urgently in creating a stable market-based exchange rate as part of strengthening the nation’s fiscal management.
Calling for a unified exchange rate, the World Bank Group President, David Malpass pointed out that Nigeria has to phase out what the fuel subsidy, describing the policy as costly and regressive.
David who gave the advice while making his view on the new Public Finance Review report released in Abuja on Monday.
According to him, the country should as quickly as possible rationalize preferential trade restrictions and tax exemptions, reports Thisday Newspaper.
He said, “Nigeria’s government urgently needs to strengthen fiscal management, create a unified, stable market-based exchange rate, phase out its costly, regressive fuel subsidy and rationalise preferential trade restrictions and tax exemptions.
“These would lay the groundwork for the increases in public revenues and spending needed to improve development outcomes.
“Decisive moves would significantly improve the business enabling environment in Nigeria, attract foreign direct investment, and reduce inflation. The World Bank is ready to increase support to Nigeria as it designs and implements these critical reforms.”
Calling for a unified exchange rate, the World Bank Group President, David Malpass pointed out that Nigeria has to phase out what the fuel subsidy, describing the policy as costly and regressive.
David who gave the advice while making his view on the new Public Finance Review report released in Abuja on Monday.
According to him, the country should as quickly as possible rationalize preferential trade restrictions and tax exemptions, reports Thisday Newspaper.
He said, “Nigeria’s government urgently needs to strengthen fiscal management, create a unified, stable market-based exchange rate, phase out its costly, regressive fuel subsidy and rationalise preferential trade restrictions and tax exemptions.
“These would lay the groundwork for the increases in public revenues and spending needed to improve development outcomes.
“Decisive moves would significantly improve the business enabling environment in Nigeria, attract foreign direct investment, and reduce inflation. The World Bank is ready to increase support to Nigeria as it designs and implements these critical reforms.”
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