The World Bank estimates that Tinubu reform on subsidy removal will allow Nigeria to save up to N3.9 trillion this year to its foreign exchange market, with the figure estimated to rise to more than N21 trillion between 2023 and 2025.
The World Bank said on Tuesday that Nigeria might save up to 3.9 trillion naira ($5.10 billion) this year alone as a result of foreign exchange market changes and the elimination of a petrol subsidy, but cautioned of rising inflationary pressures in the short term.
Nigerian President Bola Tinubu is beginning on the country’s most significant reforms in decades, including the elimination of the popular but costly petrol subsidy and the unification of the country’s numerous exchange rates.
This has led to to the trending hashtag #Tinuboom on twitter
