The International Monetary Fund has said Nigeria’s major fiscal challenge is its “very low revenue” and not so much of its debt profile.
The low revenue, it explained, had led to low debt-servicing capacity and limited funding for critical sectors such as education, health and social welfare.
IMF’s Mission Chief and Senior Resident Representative for Nigeria, Jesmin Rahman, said these on Tuesday at a webinar hosted by the Nigerian Economic Summit Group, Fiscal Policy Roundtable and Tax Investment and Competitiveness Policy Commission. “When we do our in-depth analysis, public debt is projected to reach about 37 per cent of GDP this year and remains roughly around that level in the medium term.
She, however, advised that Nigeria needed to make sure its risk perception goes down significantly so that borrowing costs could be low. Rahman added, “Taxes are contracts between the government and citizens, where payment is in return for services. As such, the perception of public institutions, services and accountability are very important.
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