World Bank Opens Up on Subsidy Payment by Nigeria in 3 Years [Video]

• The foreign exchange subsidy policy of the federal government caused a significant loss of N13.2 trillion in revenue
• In 2021, 2022, and 2023, the government reportedly lost N2 trillion, N6.2 trillion, and N5 trillion, respectively
• Ultimately, this subsidy led to a sharp drop in the government’s sources of income during this period

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The World Bank has said that between 2021 and 2023, the federal government’s foreign exchange subsidy strategy resulted in a substantial loss of N13.2 trillion in lost revenue.

The government reportedly lost N2 trillion in 2021, N6.2 trillion in 2022, and N5 trillion in 2023.

The amount of moneylost resulted from its emphasis on controlling the naira’s value in relation to the dollar on the official …