Vice President for Sustainable Development of the World Bank, Laura Tuck has revealed that the continuous payment of huge sums of money as subsidies on fossil fuels consumption has worsened the economic condition of poor people in Nigeria.
Speaking on the theme, ‘Scale It Up! The Next Era Of The Secular Economy’ at the ongoing World Circular Economic Forum in Helsinki, Finland , Tuck noted that the payment of subsidies on fossil fuels has also worsened 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 said.
She added : “We cannot achieve a circular economy if we continue to make policies that give incentives to overuse of resources. Circularity means we use fewer non-renewable energy like fossil fuels and carefully manage our renewable resources like timber and fisheries, among others.”