The International Monetary Fund has disclosed that Nigeria is not earning enough revenue to support its developmental needs.
The IMF says the country’s nine per cent revenue to Gross Domestic Product ratio is very low and not enough to support the country’s social safety nets, development spending, and protect its vulnerable households.
The Director of the IMF’s Communications Department, Julie Kozak says raising revenue from the very current low revenue-to-GDP ratio of nine per cent is essential to create fiscal space for social and development spending.
She, however, noted that Nigeria’s 2024 budget hopes to prioritise priority spending, both on the social and development side.