Make Nigerians Pay More Tax and Interest Rates, IMF Tells Tinubu Govt

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In the face of ongoing economic adversity, the International Monetary Fund (IMF) recently emphasized the necessity for the Nigerian government to augment tax collection from citizens to bolster the national budget and resolve public debts.

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This, according to the IMF, would complement Nigeria’s efforts to eliminate fuel subsidies and unify the foreign exchange, subsequently fostering economic stability and growth. The IMF’s statements were made during a press conference at the World Bank Group/IMF Meeting in Marrakech by Abebe Selassie, the director of the IMF’s Africa Department.

Selassie stressed the significance of a comprehensive reform package, which should go beyond the elimination of fuel subsidies and the unification of the foreign exchange rate. These measures, while important, need to be supplemented with tightened monetary policies and increased efforts to mobilize tax revenues. As a result of the recent policy changes, which included the removal of fuel subsidies and the unification of the exchange rate, Nigeria has encountered considerable economic challenges, resulting in significant hardships for its citizens.

Despite the initial benefits of eliminating fuel subsidies, the government is still allocating over 90% of its revenue towards debt repayment, leaving limited resources for significant developmental initiatives. Selassie further urged the new heads of the Central Bank of Nigeria and the Ministry of Finance to be given ample time to implement appropriate actions to address the current economic difficulties.

Furthermore, the IMF remains cautious about extending debt cancellation to Nigeria and other African nations, emphasizing the importance of implementing a comprehensive set of reforms to ensure sustainable economic recovery. In another development, the IMF has also advised the CBN on strategies to enhance the adoption of the e-Naira in Nigeria, citing a recent report that revealed disappointingly low levels of adoption.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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