World Bank Gives $8.5bn To Nigeria To Deal With Critical Issues, #World #Bank #8.5bn #Nigeria #Deal #Critical #Issues Welcome to 50MIND S BLOG, This is the most recent breaking news and trending broadcast that we have for you today: :
The World Bank has committed $8.5 billion to Nigeria to fund critical issues ranging from agriculture to education.
Speaking at a summit hosted by the Emergency Coordination Center in Abuja on Thursday, World Bank Country Director Shubham Chowdhury in Nigeria said the amount was the highest of any country.
He pointed out that $2.5 billion to $3 billion has been spent on education, although this is still little compared to Nigeria’s demand.
“Half of Nigeria’s population is under 17 years old. This means that there is a need to invest in the development of human capital, he said.
He noted that the future of Nigeria depends on the ability of the youth to go to school and stressed the importance of making schools safe so that fewer children are out of school.
He also said it was Nigeria’s call to determine how it would mobilize its financial resources to enable young Nigerians to go to school and whether its meager resources would be used to spend more than NZ$6.5 billion to subsidize its petrol.
Africa’s most populous country is raising 6.7 trillion naira to subsidize gasoline at the expense of education and health. According to the Ministry of Education, about 10.1 million children are out of school, but reports put the figure at 18.5 million.
Nigeria’s analysts pointed out that Nigeria’s demands for subsidies would be fiscal discipline and would have a negative impact on Nigeria’s economy.
For Professor Jonathan Aremu, former assistant director of CBN and full professor at Covenant University, subsidies distort markets, making it difficult to find real prices for products.
In economics, subsidies are always bad. Yes, a lot of people depend on fuel, which is why they continue to subsidize gasoline, but we don’t know how much is actually being spent on subsidies. “
He explained that the next government not only removed subsidies but also provided subsidies. Incentives to stimulate the economy will alleviate Nigeria’s suffering.
Uche Ngwugwu, Professor of Energy Economics at Nnamdi Azikiwe University, said the removal of subsidies would be a step in the right direction.
For now, Ma said the removal of the petrol subsidy would cause untold hardship and social unrest for Nigerians, suggesting an alternative path Nigeria could take.
“It is absolutely true that the burden is heavy and will be a heavy burden on the economy.” A few individual facts here will help save the country.
“PIA has made NNPC a limited liability company that can pursue profits.” This is a good basis for regulating subsidies. It is recognized that the state has subsidized consumption and now wants to channel it into production. Expanding the market presence to include Cameroon, Ghana, Nigeria, Mali, and Sudan in neighboring countries, where it is sold at the equivalent of N300-400 per liter, will pay for itself and also bring profit.
“This will also completely eradicate the activity of smugglers.” “Under the African Free Trade Charter, NNPC can sell to neighboring countries, giving the country some room to resolve internal imbalances,” he advised, noting that this could allow the country to adjust to the mess of subsidies.
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