IMF urges Nigeria to stop tax holidays

The International Monetary Fund has advised the Federal Government to urgently revisit tax holidays and exemptions given to companies.

The Senior Resident Representative and Mission Chief for Nigeria, Africa Department, IMF, Amine Mati, says the Federal Government need to reduce interest payments on borrowed funds to about 30 per cent of the country’s revenue.

The Washington-based Fund also asked the Federal Government to increase taxes imposed on tobacco and alcohol for social responsible fiscal adjustment based on revenue mobilisation.

Successive governments had granted controversial tax holidays and waivers, which were described as forms of corruption