IMF to Nigeria: Increase tax revenue for subsidy, monetary reforms to work

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Speaking at the ongoing IMF-World Bank annual meetings, at Marrakech, Morocco,With debt at N87 trillion and loan interest rates on the high side, Selassie said Nigeria is losing its revenue to debt servicing, limiting its ability to fund some of its services.

The domestic financing, according to Selassie, is crowding “out the private sector or of course caused the monetary injection, which again has weakened the exchange rate”. He warned that the reforms will not yield positive results unless the country is tightening monetary policy and making an effort to mobilise more tax revenues.

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