The International Monetary Fund (IMF) has said Nigeria’s fiscal position is not very strong at the moment despite the volatility in the local and international markets, a reason it said the federal government should consolidate the fiscal position to avoid damaging risks.
“We need to be on record saying this: that you need to consolidate on your fiscal position. And the consolidation needs to be through mobilizing more tax revenues because spending is very, very low, particularly on social and infrastructure. You need to spend more in our view. So, for that, mobilising tax revenue is of the excess,”
IMF country representative to Nigeria Ari Aisen said yesterday at a hybrid event on the opportunities and imperatives for business. The event was organized by the American Business Council in partnership with KPMG Nigeria.
The event focused on the opportunities in 2022, plans by the Federal Government for the private sector, and reforms that will drive developments via investments beyond 2022. The IMF said Nigeria needs more financing to be able to actually meet those expending targets that do not have access to finance.
