News Update
THE International Monetary Fund (IMF) has urged Nigeria and other African countries to raise tax revenue by expanding the tax base and curtailing tax evasion.
Briefing the press at the ongoing Spring Meetings of the Fund and the World Bank in Washington, yesterday, the Managing Director of the IMF, Ms. Kristalina Georgieva, said that those steps were crucial for Nigeria and the entire region to navigate the current global economic challenges.
Her words, “We have seen over the last years, the African continent having some of the fastest growing economies, but we also have seen low income countries primarily and among the fragile conflict affected countries falling further behind, this is a shock for the continent.
“The direct impact of tariffs on most of Africa, not on all of Africa, but on most of Africa, is relatively small, but the indirect impact is quite significant. Slowing global growth means that all other things equal, they would see a downgrade. And actually we have downgraded the growth prospects for the continent.
“For oil producers like Nigeria, falling oil prices create additional pressure on their budgets. On the other hand, for the oil importers, this is a breath of fresh air. In other words, different countries face different challenges. If I were to come with some basic recommendations that apply to Africa, I would say, and actually, they apply to Nigeria, they apply to Egypt, they apply to Ghana, they apply to Cote d’Ivoire.
“First, continue on the path of strengthening your buffer levels. There is still a lot that can be done on the fiscal side, to have strength, as I was talking about ASEAN, to have the buffers for a moment of shock, and don’t use any excuses around, “oh, it’s difficult. We can’t really go for more tax” because, yes, you can.
“There is a lot that can be done to broaden the tax base, and a lot that can be done to reduce tax evasion and tax avoidance, using technology, as some countries are doing, to chase the tax dollars when there is the foundation for that is a very good thing to do.”
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Ms. Georgieva charged Africans to change the corruption image that hangs on many countries on the continent.
“But above all, make it so that the image of the whole continent changes, because now everybody suffers from wrong-doing, from corruption or for conflict in one country, it throws a shadow on the rest of the continent,” she added.
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