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UK tasks incoming president on fuel subsidy, foreign exchange

THE British High Commissioner to Nigeria, Catriona Laing, has tasked Nigeria’s next president to remove fuel subsidy and tackle multiple exchange rates.

Laing told Channels TV yesterday: “There are two or three key decisions that the incoming president must take. Number one is to remove the fuel subsidy which is draining but to do it in a way that protects poor people.

“Secondly is to tackle the multiple exchange rates or else businesses just will not invest in this country if they can’t secure their foreign exchange. And three, raise taxes. You have one of the lowest tax ratios in the modern world. And without raising revenue, you can’t invest in public services. And public services, infrastructure, education is key to the future.”

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