NECA Rejects Tax Increases and Cautions the FG Against IMF Demands.

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The International Monetary Fund’s recommendation that the Federal Government raise taxes in order to reduce borrowing will have an adverse impact on economic growth and worsen the situation in the nation, according to the Nigeria Employers’ Consultative Association.

However, emphasized that raising taxes would have a negative impact on individuals, companies, and the economy as a whole. The Washington-based lender restated its recommendation to Nigeria to scale up efforts to bring more individuals into the tax net, raise taxes, and lessen the burden of the nation’s debt during the ongoing IMF/World Bank Spring Meetings in the United States.

However, Oyerinde warned that adding more taxes to an already burdened private sector could increase business community vulnerability at the expense of growth and job creation.

The head of NECA claims that a higher tax regime in an environment with rising inflation is not the best decision adding that tax economics encompasses more than just public funds.


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