Mo­bilise more do­mes­tic rev­enue, re­pair re­finer­ies La­garde tells FG

Daily Trust - - JOBS & CAREERS - From Hamisu Muham­mad, Sun­day Micheal Ogwu, 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 in­sid­e­out-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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