The World Bank has said fuel subsidy payment in Nigeria is not enough to help the poor masses in the country, Concise News reports.
This online news medium understands that the World Bank Vice President for Sustainable Development Laura Tuck said this in Helsinki, Finland at the ongoing World Circular Economic Forum.
According to Tuck, “Strong evidence shows that a lot of countries put subsidy on fossil fuels, and these subsidies are insufficient to support the poor.
“They aggravate resources consumption, pollution and greenhouse gas. Globally, subsidies on fossil fuels are huge.
She noted that “We cannot achieve a circular economy if we continue to make policies that give incentives to overuse of resources.
“Circularity means we use fewer non-renewable energy like fossil fuels and carefully manage our renewable resources like Timber and fisheries, among others.”