Remove petrol subsidy, increase vat, IMF tells Nigeria govt

The International Monetary Fund (IMF) has asked Nigerian government to remove petrol subsidies, increase VAT and recapitalise banks.

IMF gave its support for Nigeria to remove VAT at its Executive Board 19 Article IV Consultation meeting.

The international monetary body also asked Nigeria Central Bank to halt its direct intervention in the country foreign exchange market.

IMF in a letter sent to TheCable an online newspaper say it is in full support of Nigeria tax reform plan to increase non-oil revenue.

It asked Nigeria to strengthen
her domestic revenue mobilization, introduce a comprehensive VAT reform, and eliminate tax incentives.

IMF asked Nigeria government for an increased funding in health and education.

Taking away implicit petrol subsidies and strengthening social safety net to find succour for the most vulnerable would aid in the reduction of poverty gap and open up further fiscal space, IMF added.

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