NIGERIA’S tax to Gross Domestic Product ratio is one of the lowest in the world, the International Monetary Fund announced on Wednesday.
“On Nigeria, the priority is a comprehensive reform to durably increase non-oil tax revenue and there are a number of reasons that will contribute to providing space for important spending on infrastructure and social spending.” Speaking on Nigeria’s rising domestic and foreign debts, Financial Counselor and Director, Monetary and Capital Markets Department at the IMF, Tobias Adrian, said rising borrowing and debt service costs remain big challenges.
“External debt has risen to 160 per cent of exports on average, up from 100 per cent in 2018. A sharp tightening of financial institutions and higher borrowing costs would make it more difficult for them to survice their debts.”
We've created a record....where are they? They like quoting IMF, WB...can they please help us to quote and broadcast this
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