FG to look into gradual removal of fuel subsidy, says Finance Minister

IMF ranks Nigeria world’s ‘second worst’ in use of sovereign wealth fund

IMF ranks Nigeria world’s ‘second worst’ in use of sovereign wealth fund

The IMF boss said that for obvious reason, and as a general principle, the Fund believes that removing fuel subsidy was the right way to go.

The minister said the Federal government has asked the World Bank to review some of the initiatives that it has put in place, including those that involve them looking at implementation systems on areas they are providing funding for infrastructure. She disclosed that a whopping $5.2trillion has so far been spent by oil producing nations across the world on fuel subsidy in the last four years.

Ahmed said this on Thursday on the sideline of the IMF/World Bank meetings now taking place in Washington DC, United States of America.

Lagarde added, "And the Fiscal Affairs Department has actually identified; you know how much would have been saved fiscally but also in terms of human life if there had been the right price on carbon emission as of 2015".

"If that was to happen, then there would be more public spending available to build hospitals, roads, provide educational facilities and lift more people out of poverty".

She said there was a need for "a real effort" to maintain a good public finance situation for the country and in order to direct investment towards health, education, and infrastructure.

Carlos Ghosn's detention extended until April 22
Ghosn's wife Carole has increasingly become a key figure in the case and was questioned by authorities on Thursday . Nissan shareholders approved Ghosn's ouster from the board this week, and tapped Senard in his place.

In a separate interview with CNBC, Malpass said that after he was nominated by Trump, he traveled to 10 major countries including Japan, South Korea and China to discuss his goals if he was selected as the World Bank's 13th president. This is troubling and we must collaborate to address this.

The finance meetings will include talks Thursday and Friday with the Group of 20 finance officials, representing the world's largest economies, and will conclude Saturday with meetings of the policy-setting panels of the International Monetary Fund and World Bank.

"We must coordinate resources to boost prosperities in Africa and other parts of the world". "He was supportive of the idea that the World Bank. that our relationship with China is evolving in a positive way where we can be constructive together".

He also stated that Nigeria and 16 other countries were at risk of debt financial distress.

Speaking on the Sovereign Wealth Fund (SWF) operations, she said: "I would say that the Sovereign Wealth Authority has been doing well if you look at where we are starting from, we have achieved quite a lot of progress by building more of the fund from where we met it and by utilising the savings at the Sovereign Wealth Authority for projects that are physically visible".

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