• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News Politics

IMF advises FG on how to raise more revenues to sustain fiscal position

Chike Olisah by Chike Olisah
February 12, 2021
in Politics
15% of low-income countries are already in debt distress – IMF

Kristalina Georgieva

Share on FacebookShare on TwitterShare on Linkedin

The International Monetary Fund (IMF) has advised the Federal Government on how it can raise more revenues to ensure a more sustainable fiscal position.

This is as the Bretton wood organization has said that Nigeria has one of the lowest revenue levels as a share of GDP globally.

This disclosure is contained in IMF’s latest economic assessment of Nigeria, Africa’s largest economy, in which it recommended exchange rate reforms and improved efforts to increase government revenues.

RelatedStories

IMF projects reduced economic growth for Sub-Saharan Africa

IMF flags cross-border crypto risks for Nigeria as global market surges 1,511% in five years 

July 9, 2025
IMF, Import restrictions

IMF flags absence of social buffer for poor Nigerians amid reforms 

July 8, 2025

READ: FG needs fundamental policy reset to durably exit economic crises – IMF

The IMF in its assessment observed that a large share of government revenues is spent on the country’s public debt service payments, leaving insufficient fiscal space for critical social and infrastructure spending and to cushion an economic downturn.

The international multilateral organization pointed out that mobilizing revenues through efficiency-enhancing and progressive measures is a top near-term priority. It said that the country has to revisit tax exemptions and customs duty waivers, increase and broaden the base for excise taxes, develop a high-integrity taxpayer register, enhance digital infrastructure, and improve on on-time filing and payment.

READ: IMF list unpopular policies CBN must reverse

It noted that once the economic recovery takes root, Nigeria will need to increase the value-added tax (VAT) rate to at least 10% by 2022 and 15% by 2025, which is the average in countries belonging to the Economic Community of West African States. This is to help create an effective fiscal space.

What you should know

  • The outbreak of the Covid-19 pandemic has had a devastating impact on Nigeria’s revenue and economy, placing the country at a critical juncture. The country entered the crisis with falling per capita income, high inflation, and governance challenges.
  • IMF said that Nigeria’s recovery is expected to be weak and gradual under current policies. Real GDP growth in 2021 is expected to turn positive at 1.5% and is expected to recover to its pre-pandemic level only in 2022.
  • However, it stated that the near-term outlook is subject to downside risks from pandemic-related developments with Nigeria experiencing a second wave. It also said that non-oil growth is also expected to remain sluggish, reflecting inward-looking policies and regulatory uncertainties

READ: Nigeria’s capital inflows hit a new record low of US$9.7bn since 2016


Follow us for Breaking News and Market Intelligence.
Tags: IMFInternational Monetary Fund
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

Related Posts

IMF projects reduced economic growth for Sub-Saharan Africa
Cryptos

IMF flags cross-border crypto risks for Nigeria as global market surges 1,511% in five years 

July 9, 2025
IMF, Import restrictions
Economy

IMF flags absence of social buffer for poor Nigerians amid reforms 

July 8, 2025
IMF tells FG to increase electricity and fuel prices by phasing out subsidies
Economy

Nigeria’s fiscal deficit may hit 4.7% of GDP in 2025 – IMF 

July 3, 2025
IMF, Import restrictions
Economy

IMF backs CBN’s tight monetary policy to curb inflation

July 2, 2025
IMF tells FG to increase electricity and fuel prices by phasing out subsidies
Companies

2025 Article IV: IMF commends Nigeria’s economic reforms

July 2, 2025
GDP
Economy

IMF raises Nigeria’s 2025 GDP growth forecast to 3.4%

July 2, 2025
Next Post
Ecobank, Ayo Adepoju's appointment, Ecobank Transnational Inc. records 24% increase in Profit After Tax for Q4 2020.

Ecobank Nigeria announces the pricing of its Senior Unsecured $300 million bond

Comments 1

  1. obecks says:
    February 12, 2021 at 2:27 pm

    It is rather absurd to be advising increased vat and customs duties for a country that basically rely on importation for daily needs of its citizen like Nigeria. The most incomprehensible part is the omission of the need to aggressively invest in small businesses and agriculture through tax waiver and funding to create jobs.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

first bank








DUNS

Recent News

  • Gamsole founder Abiola Olaniran, 36, dies 
  • FG, Femi Otedola deny involvement in FirstHoldCo’s N323 billion share acquisition 
  • Appeal Court prohibits Human Rights Commission from entertaining Oil Spillage Complaints in Nigeria 

Follow us on social media:

Recent News

Gamsole founder Abiola Olaniran, 36, dies 

Gamsole founder Abiola Olaniran, 36, dies 

July 18, 2025
Buy, Sell or Hold – FirstHoldco?

FG, Femi Otedola deny involvement in FirstHoldCo’s N323 billion share acquisition 

July 18, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics