The International Monetary Fund (IMF) has asked the Nigerian government to improve domestic revenue mobilisation to withstand global economic shocks.
He said the IMF had not seen any improvement in Nigeria’s deficit due to petrol subsidy payments.
“Countries like Nigeria, especially those oil exporting countries, can take advantage of rising commodity revenues to address some of their needs. “Another aspect, I would say, Nigeria’s case was where tax revenues are really low. And this really undermines the capacity of the government to react to shocks and provide key services. So I would say in the case of Nigeria, the priority is in need to increase domestic revenue generation. You need to increase the State’s capacity to address the needs of the country and these will also help make fiscal policy more consistent to ensure economic stability.
“One is obviously putting resources into the most urgent needs. This has to be done together with the international community.
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