he International Monetary Fund has advised Nigeria against restoring blanket petrol subsidy, urging the Federal Government to channel support towards vulnerable citizens as rising energy costs put pressure on households.
The Director of the IMF’s Fiscal Affairs Department, Rodrigo Valdés, gave the advice on Wednesday while responding to a question about calls for the return of petrol subsidy in Nigeria ahead of elections, during the IMF and World Bank Group annual meetings in Bangkok, Thailand.
Valdés acknowledged the political pressure governments face when fuel prices rise but said blanket subsidies were costly and that available resources would be better used to support people most affected by higher energy prices.
He said governments should consider targeted assistance rather than keeping fuel prices artificially low for all consumers.
The IMF also recommended targeted interventions to cushion the impact of higher fuel prices on transportation costs.
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