IMF asks Nigeria to expand the tax income base

International Monetary Funds (IMF) on Friday urged Nigeria to expand its tax revenue base to strengthen fiscal policies.

The Implementing Director of the IMF, Kristalina Georgieva, stated this at a press conference in Washington DC, during the 2025 IMF spring meeting.

Georgieva said Nigeria, such as other African countries, must mobilize technology and reduce tax avoidance to expand the revenue base.

According to him, the decline in oil prices has created additional pressure on the oil producer budget such as Nigeria,

In monetary policy, the BOS IMF assigned African countries to overcome corruption, promote transparency, and do true things that work for their respective economies.

Also read: IMF cuts growth projections of 2025 Nigeria up to 3.0%

He said: “We are no longer in a place where you can see the book of the Central Bank of a neighboring country and say, oh, they do this, I will do the same thing.

“You must assess the mobilization of domestic resources, what is your inflationary pressure, and do the right thing for your country.”

He, however, suggested the continent to deepen regional trade and eliminate obstacles to regional trade.

Georgieva urged African countries to take a signal from the Association of Southeast Asian nations (ASEAN) in deepening trade and between regional cooperation.

“Sometimes there are infrastructure barriers, the World Bank is trying to reduce infrastructure barriers to growth and trade,” said the Head of the IMF.

Georgieva said that Africa has so many things to be offered to the world, including minerals, natural resources, and young populations.

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