Nigerians are expected to pay more for petrol and electricity as the federal government concluded plans to end payment of fuel and electricity subsidies by June, 2020.
The Nigerian National Resources Charter (NNRC), which disclosed this on its Twitter handle on Sunday, said this was part of the agreements reached by the government and the World Bank for Nigeria to get a $3.4bn loan.
The removal of fuel subsidy and hike in electricity tariff were part of the terms set by the International Monetary Fund (IMF) and World Bank for the approval of the loan.
NNRC said the federal government has expressed a strong commitment to preventing fuel subsidies from resurfacing and to fully eliminate electricity tariff shortfalls.
Citing a report by IMF after the conclusion of its Article IV consultation with Nigeria, the agency noted that Bretton Woods institution believes that lifeline tariffs and other relief measures are adequate to protect poorer households from hikes in electricity prices.
It also highlighted the benefits from higher and more predictable availability.
“The World Bank President, David Malpass, on April 8 met with the Minister of Finance, Budget and National Planning, Zainab Ahmed and the Governor of the Central Bank of Nigeria, Godwin Emefiele, to discuss the removal of energy subsidies among other issues,” NNRC said.
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