April 13, 2024
Organised Private Sector Rejects IMF’s Tax Increase Call
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Organised Private Sector Rejects IMF’s Tax Increase Call

The Organized Private Sector, OPS, has rejected calls by the International Monetary Fund, IMF, on the Federal Government to increase taxes in order to reduce borrowing.

According to OPS, the IMF recommendedation, if adopted by the government. will spell disaster for the country.

Specifically, the OPS warned that such advice would kill struggling businesses across the country and worsen the level of poverty in Nigeria.

OPS also says that the $800million loan earmarked as palliatives for the planned removal of fuel subsidy, was not necessary, and government’s  attention ought to be on fixing the nation’s refineries, with a view to making them operational before the removal of petrol subsidy.

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OPS comprises the Manufacturers Association of Nigeria, MAN; Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, NACCIMA, Nigeria Employers’ Consultative Association, NECA, Nigeria Association of Small Scale Industries, NASSI, and Nigeria Association of Small and Medium Enterprises, NASME.

Recall that IMF had on the sideline of the just-concluded IMF/World Bank Spring meetings in Washington DC, on Thursday, reiterated its advice to Nigeria to, among others, increase taxes and reduce the country’s debt burden.

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