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Subsidy Removal, Forex Unification Painful But Key To Rebuilding Nigeria’s Economy – World Bank

Published

3 years ago

June 27, 2023

490 Views

The World Bank has thrown its weight in support of the Federal Government’s subsidy removal and the exchange rate unification.

This comes weeks after President Bola Tinubu’s inaugural speech on subsidy removal and the need to unify Nigeria’s exchange rate.

Speaking at an event organised by the World Bank to assess the nation’s economy in the last six months on Tuesday, Country Director, Dr Subham Chadhuri, explained that the policy though painful remains key to rebuilding the economy of the nation.

Mr Chadhuri, however, advocated measures that will reduce the impact on the people going forward.

He further stated that the World Bank’s concessionary funding to Nigeria currently stands at over ten billion dollars.

Also speaking, a lead economist at the World Bank, Alex Seinart, said the removal of the fuel subsidy is projected to achieve estimated fiscal gains of about 3.9 trillion Naira in 2023.

The gains according to him are expected to reach over 21 trillion naira between 2023 to 2025.

The economist further projects that the petroleum subsidy removal is likely to lead to an increase in inflation in the upcoming months before contributing to disinflation in the medium term.

On the exchange rate, the senior economist at the world bank said that the previous foreign exchange management approach impeded investment and growth, contributed to inflation and undermined the efficacy of the monetary and fiscal policies.

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TCN improves Power Supply to Apapa corridors by additional 208MW

The upgrade replaces an outdoor transformer that had served as a stopgap after the original facility, commissioned in 1985, was decommissioned.

Published

2 days ago

August 18, 2026

OCHEFA

33 Views

The Managing Director/Chief Executive Officer of the Transmission Company of Nigeria (TCN), Mr. Sule Ahmed Abdulaziz , says from now Apapa Causeway, Ijora, Amukoko, Ajegunle, Apapa Wharf, Tin Can Island and other major commercial areas, will be having improved power supply.

Abdulaziz made the declaration on Monday during the commission of Ijora and Apapa Road transmission substations in Lagos by additional 208MW .

The project is aimed at improving the volume and reliability of electricity available to distribution companies for onward supply to homes, businesses and industries.

Abdulaziz said that the projects, sponsored by the Japan International Cooperation Agency (JICA) and the World Bank respectively, in partnership with TCN, underscored the Federal Government’s commitment to modernising the transmission network and improving grid stability.

He commended the Ministry of Power, JICA, the Government of Japan, Lagos State Government and other stakeholders for supporting the projects, while appealing for additional grant assistance to upgrade other critical sections of the transmission network.

Speaking at the commissioning, Minister of Power, Mr. Joseph Tegbe, said that the projects were part of the Federal Government’s efforts to address longstanding transmission constraints and infrastructure decay that have limited the country’s ability to fully utilise available generation.

The upgrades increased the Ijora substation’s capacity by 112MW, from 90MVA to 230MVA, following the installation of two new 100MVA transformers.

At Apapa Road, a new Gas Insulated Substation (GIS) added another 96MW, raising the facility’s capacity from 60MVA to 180MVA.

The upgrade replaces an outdoor transformer that had served as a stopgap after the original facility, commissioned in 1985, was decommissioned.

Business

CBN’s Sidi-Ali wins 2026 overall Spokesperson of the Year Award, courtesy of NSA

Published

2 days ago

August 18, 2026

OCHEFA

36 Views

•Mrs Hakama Sidi Ali.

The Ag. Director of Corporate Communications of the Central Bank of Nigeria (CBN), Mrs. Hakama Sidi-Ali, has won the 2026 edition of the National Spokespersons Award (NSA).

The recognition was announced during the 6th National Spokespersons Awards and the 4th Economic Confidential Annual Lecture, organised by Image Merchants Promotion Limited (IMPR), publishers of PRNigeria, Economic Confidential and Spokespersons Digest, held in Abuja, recently.

The organisers stated: “With the latest honour, Sidi-Ali completed an unprecedented hat-trick at the National Spokespersons Awards, becoming the first communications professional to progress from winning a sector-specific award twice consecutively to claiming the overall Spokesperson of the Year title.