Nigeria’s Low Tax-To-GDP Ratio Not Justification For Increasing Taxes, AfDB Tells FG

Akinwumi Adesina, president of the African Development Bank (AfDB), says the federal government must exercise restraint in tax increment. He said that the fact that the country’s tax to gross domestic product (GDP) ratio at 6.1 percent remained relatively low was not an excuse for incessant tax increase. The AfDB boss said this on Tuesday…

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IMF: CBN Needs To Manage Cyber Security, Operational Risks Of eNaira

The International Monetary Fund (IMF) says there is a need to manage cyber security and operational risks associated with the eNaira, Nigeria’s new central bank digital currency (CBDC). IMF said the eNaira is expected to increase financial inclusion and facilitate remittances, but potential risks will need to be addressed. Jack Ree, an economist at the IMF’s African department,…

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Chadian Economy Deteriorates- IMF

Chad’s economic and financial situation and its medium-term outlook have steadily deteriorated due to a series of lasting shocks since the onset of the pandemic, compounded by delays in donor support due to the crisis. ‘insufficient progress in debt treatment discussions. An International Monetary Fund (IMF) mission led by Edward Gemayel visited N’Djamena from October…

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Pandemic: Equatorial Guinea, IMF in Financing Deal

On September 15, the IMF Executive Board approved $67.38 million in funding under the Rapid Financing Instrument. This is an important first step in addressing a large financing gap in Equatorial Guinea arising from the twin shocks. In a conversation with IMF Country Focus, Valentin Ela Maye, Equatorial Guinea’s Minister of Finance, Economy and Planning, describes…

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IMF Approves SDR Worth $65bn To Nigeria, Other Countries

The Board of Governors of the International Monetary Fund, IMF, registered approval for a general allocation of Special Drawing Rights, SDRs, equivalent to US$650 billion (about SDR 456 billion) to boost global liquidity. This has created a fresh opportunity for Nigeria and other countries with liquidity challenges, to access IMF facilities, to enable them to…

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#IMF Blog: Giving Everyone a Fair Shot

By David Amaglobeli, Vitor Gaspar, and Paolo Mauro The COVID-19 pandemic is intensifying the vicious circle of inequality. To break this pattern and give everyone a fair shot at prosperity, governments need to improve access to basic public services—such as health care (including vaccination) and education—and strengthen redistributive policies. For most countries, this would require raising…

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