FG Using Nigeria’s Oil Wealth To Enrich Elite-World Bank

         Mohammed Shosanya

Mr. Indermit Gill,Senior Vice President, World Bank Group,has accused the Federal Government of using oil wealth to service the elite in the society.

He spoke in his keynote address on Monday in Abuja at the opening ceremony of the 30th Nigerian Economic Summit(NES#30), jointly organised by the Nigerian Economic Summit Group (NESG) and the Federal Ministry of Budget and Economic Planning.

 Gill emphasized the need for political will in the implementation of economic reforms in the country.

“But implementing such far-reaching reforms is impossible without solid political commitment from the top.

“The price of Premium Motors Spirit has quadrupled since the subsidy cuts, imposing terrible hardship  across the breadth of Nigerian society. Nigeria will need to stay the course for at least another 10 to 15 years to transform its economy.

“Today’s fiscal, monetary, and exchange rate reforms are hurting everyone, especially ordinary Nigerians who are struggling with the high prices of food and transport.

“The government must do everything in its power to protect the most vulnerable citizens against hardships because their lives and the lives of Nigeria’s 110 million children depend on it,” he said.