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Friday, October 18
This warning comes in the wake of significant public discontent regarding the government’s economic policies, particularly the removal of fuel subsidies and the abolition of multiple foreign exchange systems, which were introduced on the first day of President Bola Tinubu’s administration.
He stressed that reversing these reforms would be detrimental, stating,“Reversing these reforms would be detrimental and would spell doom for Nigeria.” The economic landscape has shifted dramatically since the removal of the fuel subsidy, with the pump price of petrol surging from ₦198 to over ₦1,000 per litre.
At a press conference held in Abuja during the launch of the Nigeria Development Update (NDU) report, Dr.
Ndiame Diop, the World Bank Country Director for Nigeria, acknowledged that while the reforms may cause immediate hardship for many citizens, they are essential for the nation’s long-term stability..
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