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Fuel Subsidy: CISLAC knocks FG over $800m World Bank loan

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The Civil Society Legislative Advocacy Centre has faulted the federal government over its $800 million World Bank loan for fuel subsidy Palliatives to Nigerians.

In a statement during the weekend by the Executive Director of CISLAC, Auwal Rafsanjani, he expressed displeasure over the carefree attitude of President Muhammadu Buhari towards Nigeria’s worrisome debt burden.

Webteam@ipledge2nigeria reports that the country’s debt would hit N77 trillion under Buhari’s administration.

Rafsanjani insisted that since Buhari’s administration will not remove the fuel subsidy, the $800 million loan from the World Bank should be suspended.

“If the fuel subsidy removal process has been suspended as announced by the Minister of Finance after the NEC meeting at the end of April, then the government should return the borrowed money because what are we taking the loan for?” He queried.

The group said the government should not embark on another borrowing spree because the country is already heavily indebted.

It added that borrowing would further cripple the Nation’s frail economy.

On 27th April, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, hinted at the possible suspension of fuel subsidies after the National Economic Council.

But, a statement by the Minister’s Special Assistant on Media and Communication, Yunusa Abdullahi, said that the subsidies are not suspended.

He explained that the fuel subsidy committee was expanded to incorporate the incoming administration.

The Federal government had said fuel subsidy removal would save the country N7 trillion.

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