According to the World Bank, Tinubu's economic reforms could save Nigeria N3.9 trillion ($5.10 billion) this year

Nigeria might save up to N3.9 trillion ($5.10 billion) this year alone as a result of changes to its foreign currency market and the elimination of a gasoline subsidy, according to the World Bank on Tuesday.When Nigerian President Bola Tinubu took office last month, he abolished the popular but costly gas subsidy. Tinubu is launching the nation's most comprehensive reforms in decades to address issues like as a massive debt burden. Following Tinubu's criticism of a currency system that has hampered Africa's largest economy for years, the central bank brought the country's exchange rates into line. The World Bank's head economist for Nigeria, Alex Sienaert, claimed during a presentation in Abuja that while the savings did not amount to a fiscal windfall, they did put the most populous country in Africa on the road to improvement. "They stop Nigeria from going over what you might call the fiscal cliff. They really set the stage for a new and an upward trajectory in terms of Nigeria's development path," Sienaert said. Nigeria has long been urged by the World Bank and International Monetary Fund to end its $10 billion-per-year fuel subsidy and free its exchange rate.