66% of Nigeria’s tax revenues goes to debt servicing, says IMF –...

66% of Nigeria’s tax revenues goes to debt servicing, says IMF – Nigerian News Headlines Today

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The International Monetary Fund (IMF) says 66 percent of Nigeria’s tax revenues is spent on servicing debts, calling on the country to raise taxes.

Speaking at the IMF Fiscal Monitor briefing in Washington on Wednesday, Vitor Gaspar, director of the fund’s Fiscal Affairs department, said he is happy the Nigerian government now sees taxation as a path to development.

“I had the privilege of visiting Nigeria some months ago and I was very happy to understand that for the authorities in Nigeria, fiscal policies in general and tax policy in particular are part of the strategy for development,” he said.

“That is precisely how I believe fiscal policy should be thought in developing countries as part of the development strategy.”

Catherine Patillo, assistant director and chief of Fiscal Policy and Surveillance Division of the IMF, said  Nigeria has needs strong fiscal…

Read More…..The Cable News

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