President Bola Tinubu has received praise from World Bank President Ajay Banga for his audacious decision to end fuel subsidies in order to prevent an unmanageable fiscal deficit.
The head of the World Financial Organization praised Tinubu’s resolve to tackle Nigeria’s problems and dedication to stability and economic growth.
He expressed certainty that Tinubu’s initiatives would put Nigeria on the road to prosperity and establish it as an African powerhouse.
These were expressed by Banga in a conversation with State House reporters following a meeting with Tinubu on Friday in Abuja.
He said that in addition to financial assistance, the World Bank will provide Nigeria with information and direction about regulatory and fiscal policies.
He said: “In general, we had a very fruitful conversation about what was in his mind as priorities, not just with the president but also with a lot of his aides.
“I applauded him for many of the things he’s doing so far in his term, since stability and macro-fiscal changes are crucial. He is adamant on acting morally.
“The World Bank, in my opinion, will provide assistance with everything, not just with financial aid but also with expertise and insight into how to develop effective fiscal and regulatory policies. Thus, our conversation was excellent. It had a really positive conclusion.
“He is, in reality, taking action that Nigeria must be allowed to take in order to improve its situation.
“You still have an unaffordable fiscal deficit due to gasoline subsidies. He is so making an effort to act morally. The question now is how to navigate the upcoming months so that you can direct the economy in the appropriate directions going forward.
“Nigeria must be an African champion, as I mentioned. In the event that Nigeria wins the championship of Africa, it will be a sign that the continent’s largest GDP country is on the right track. That was the vision we both shared, and it is his vision.”
Speaking also about Nigeria’s projected growth, Banga emphasized the need to look to the future rather than previous forecasts.
He acknowledged the current improvements and emphasized that he would not place too much stock in past predictions.
View the meeting’s images below.
