12 October 2018

Nigeria: Mobilise More Domestic Revenue, Repair Refineries Lagarde Tells Govt

Bali, Indonesia — The Managing Director of the International Monetary Fund (IMF) Christine Lagarde has advised the new finance minister, Zainab Ahmed to sustain higher non-oil revenue mobilisation through more tax collections and increase in non-oil revenue.

Lagarde gave the advice shortly before she met the minister on the sideline of the IMF and World Bank Annual meetings in Bali, Indonesia. She said that currently Nigeria's domestic mobilization is 5 percent of GDP which is well below the needed to help the full recovery of the economy.

While congratulating Nigeria for appointing another woman as finance minister, Lagarde said a tight monetary policy and higher non-oil revenue mobilization would be the policy recommendations for the minister.

She said: "I remind you - you know that probably inside-out-that domestic revenue mobilization is 5 percent of GDP in Nigeria, and that is just way too low, relative to where Nigeria should be in order to address the issues of health, education, proper social spending on the people, and particularly the young people of Nigeria."

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