IMF Urges Nigeria to Raise Taxes, Interest Rates and Pursue Fiscal Reforms to Cope with Fuel Subsidy Removal

IMF proposes Nigeria increase taxes and interest rates to cope with impact of fuel subsidy removal. Also urges fiscal reforms like better tax collection.

High debt servicing limits government spending on development. IMF says no debt restructuring talks occurring currently.

Naira devaluation and forex reforms welcomed, but IMF says holistic reforms needed encompassing monetary policy, taxes, etc.

Nigeria and region should boost domestic resource mobilization as foreign loans become scarce. Enhance tax collection.

As China lending declines in region, countries should boost trade, competitiveness, diversify economies. Implement African Continental Free Trade Area.