{"id":27244,"date":"2018-10-11T11:15:03","date_gmt":"2018-10-11T10:15:03","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=27244"},"modified":"2018-10-11T11:15:03","modified_gmt":"2018-10-11T10:15:03","slug":"imf-to-nigeria-increase-non-oil-revenue","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/imf-to-nigeria-increase-non-oil-revenue\/","title":{"rendered":"IMF To Nigeria: Increase Non-Oil Revenue"},"content":{"rendered":"<div id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6216\"><span id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6217\"><span id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6218\">Nigeria should explore ways of increasing revenue outside its traditional base of oil proceeds, the International Monetary Fund (IMF) has said.<\/span><\/span><\/div>\n<div><\/div>\n<div id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6221\"><span id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6222\"><span id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6224\"><span id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6225\">Speaking during a press briefing at the on-going 2018 \u00a0IMF\/World Bank Meetings in Bali, Indonesia, IMF\u2019s Deputy Director, Fiscal Affairs Department, Paulo Mauro, explained that there is an issue of how \u00a0to increase Nigeria\u2019s revenue base, pointing out that the matter was not only crucial, but of utmost priority.<\/span><\/span><\/span><\/div>\n<div><\/div>\n<div id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6228\"><span id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6229\"><span id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6231\"><span id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6232\">Mauro said: \u201dIndeed, we do see this \u2013 increasing non-oil revenues \u2014 \u00a0as a crucial priority for the country. \u00a0If one looks at the ratio of interest payments-to-revenues for Nigeria, that is quite high. And certainly, increasing revenues is the way in which one creates the space to do social spending, infrastructure, and other types of spending that benefit economic growth. So clearly, that is a priority.\u201d<\/span><\/span><\/span><\/div>\n<div><\/div>\n<div id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6233\"><span id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6234\"><span id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6236\"><span id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6237\">Stressing the need for increased revenue, Mauro also offered tips on how Nigeria could \u00a0achieve the goal, saying the IMF has been discussing with the country some of the issues.<\/span><\/span><\/span><\/div>\n<div><\/div>\n<div id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6238\"><span id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6239\"><span id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6241\"><span id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6242\">He said: \u201cWe have been discussing over the years with the government, and we see the priorities in tax administration, but there are also aspects of tax policy that would help. So, certainly, in the tax administration, to increase the compliance rate, something that could be done is to increase tax audits and to use e filing to a greater extent. There are data matching exercises that can be conducted.\u201d<\/span><\/span><\/span><\/div>\n<div><\/div>\n<div id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6243\"><span id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6244\"><span id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6246\"><span id=\"m_-243342927554535531yui_3_16_0_ym19_1_1539225401828_6247\">He called for strategies to curtail tax evasion and reduction in corrupt tendencies.\u00a0\u201dSo generally trying to reduce tax evasion and\u00a0possibly corruption as well, those would be priorities on the tax administration side.\u201d<\/span><\/span><\/span><\/div>\n<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div><!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Nigeria should explore ways of increasing revenue outside its traditional base of oil proceeds, the International Monetary Fund (IMF) has said. Speaking during a press briefing at the on-going 2018 \u00a0IMF\/World Bank Meetings in Bali, Indonesia, IMF\u2019s Deputy Director, Fiscal Affairs Department, Paulo Mauro, explained that there is an issue of how \u00a0to increase Nigeria\u2019s &hellip;<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":12994,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[573],"coauthors":[2391],"class_list":["post-27244","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-imf"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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