The Vice President for Sustainable Development, World Bank, Laura Tuck, has warned Nigeria and other countries paying subsidies on fossil fuels to desist from it as such practice was not in favour of the poor.
Tuck made this known at the ongoing World Circular Economic Forum in Helsinki, Finland while addressing the theme ‘Scale it up! The Next Era of the Circular Economy.’
According to her, the continuous payment of huge sums of money as subsidies on fossil fuels has worsened resources consumption and increased greenhouse emission and pollution.
“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 added. Read more