IMF asks Nigeria to broaden tax revenue base
The International Monetary Fund (IMF) on Friday urged Nigeria to broaden its tax revenue base to strengthen its fiscal policy.
The IMF Managing Director, Kristalina Georgieva, stated this at a news conference in Washington D.C., on the sidelines of the 2025 IMF Spring Meeting.
Georgieva said Nigeria, like other African nations, should deploy technology and reduce tax evasion to broaden the revenue base.
According to her, the falling oil prices have created additional pressure on the budgets of oil producers like Nigeria,
On monetary policy, the IMF boss tasked African countries to tackle corruption, promote transparency, and do the right things that work for their respective economies.
READ ALSO: IMF cuts Nigeria’s 2025 growth projection to 3.0%
She said: “We are no more in a place where you can look at the book of the Central Bank of the neighboring country and say, oh, they are doing this, I will do the same.
“You have to assess domestic resource mobilisation, what are your inflationary pressures, and do the right thing for your country.”
She, however, advised the continent to deepen regional trade and remove obstacles to regional trading.
Georgieva urged African countries to take cue from the Association of Southeast Asian Nations (ASEAN) in deepening inter-regional trade and cooperation.
“Sometimes there are infrastructure obstacles; the World Bank is working on reducing those infrastructure obstacle to growth and trade,” the IMF chief stated.
Georgieva said that Africa has so much to offer the world, including minerals, natural resources, and a young population.
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