How Nigeria can achieve resilient economic growth, by IMF

In Article IV Report released at the weekend, the Fund recommended determined and well-sequenced implementation of the authorities’ policy intentions like exchange rate reforms and petrol subsidy removal would pave the way for faster, more inclusive, resilient growth.

According to IMF, fiscal policy needs to support vulnerable households, create space to boost social and development spending, and maintain debt sustainability. It said the Nigeria’s Medium Term Economic Framework outlines reforms to improve domestic revenue mobilisation and diversify the economy. Continuing, the Fund said revenue measures in the year would focus on revenue administration and base broadening. It stated that the authorities aim to ease payment of tax remittances from Ministries, Departments, and Agencies , leverage technology and third-party reporting to broaden the tax net and enhancing excise collections by transferring administrative responsibilities to the Federal Inland Revenue Service.

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