Why Naira, fuel crises may disrupt Nigeria’s elections, says World Bank

World Bank

By Godwin Anyebe

The World Bank has reported that the incessant fuel scarcity and lack of access the new naira notes may influence uncertainty ahead of the February 25 and March 10 elections in the country.

The Bank Country Office in Nigeria noted that the deadline for old notes will socially and economically affect vulnerable people in the country.

The document said, “The shortage of cash compounds fuel shortages, which have been ongoing for months. There is a clear risk that cash shortages cause hardship and frustration, which could escalate social tensions, especially in a febrile political environment ahead of elections on February 25 (presidential and parliamentary) and March 11 (gubernatorial).

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The bank further disclosed 45 per cent of Nigerian adults had a bank account, 34 per cent pay or receive money digitally over the past year, while nine per cent made an in-store payment by digital means.

It projected Nigeria would not be able to attain a quick increase in digital payment to enhance the shortages of new notes across the country within the stipulated deadline.

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Ihesiulo Grace

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