The International Monetary Fund has said that Nigeria’s “over-Optimistic” revenue assumptions has made the government dependent on expensive borrowing from the Central Bank of Nigeria.

The IMF stated that plans to increase Value Added Tax and minimum wage would also halt the current deceleration of the country’s inflation rate.

A statement by the IMF said, “Over-optimistic revenue projections have led to higher financing needs than initially envisaged, resulting in over-reliance on the expensive borrowing from the central bank to finance the deficit.

“Inflation will likely pick up in 2020 following rising minimum wages and a higher VAT rate, despite a tight monetary policy.”

In the spending plan for 2020 released by President Muhammadu Buhari, the government intends to increase the present value added tax rate by 50 per cent from its present five per cent.

This will force Nigerians to pay more for goods and services, leading to an increase in the rate at which prices will rise in the coming year.

While noting that Nigeria’s economy was recovering slowly after a 2016 recession, the IMF stated that bigger deficits make monetary policy complex owing to the government’s reliance on the CBN for funding.

http://saharareporters.com/2019/10/10/nigerian-government-dependent-expensive-borrowing-%E2%80%93imf?fbclid=IwAR2XWKauu2Obnnb_mSZvjXxpeShqZiFkJcKsbV38uvhqNng89yMWtakoOdM

I have a question. How are herdsmen taxed?

Imagine the clueless government increasing VAT, borrowing to fund budget again.What do you expect from a president that knows nothing but just to mortgage Nigeria into a senseless financial indebtedness.

Hope the Economic Advisory Team are really advising this man well and hope he is also listening to them? According to OBJ- "Buhari does not know economics".

When there is nowhere else to borrow from to foot their unnecessarily outrageous spendings they fall back on the citizens

And tax their lives out.

From stamp duty charges to higher VATs down to cable and internet taxes.
They've speedily reintroded the suspended cashless policy and they'd also soon start charging cash lodgements.

This is apart from the intended deployment of new toll gates.
This is simply a Next Level of hopelessness for citizens.
Because they have nothing to offer them.

Nigeria is a consumer nation. We only produce hoodlums who parade themselves as leaders. The followers are even potential criminals
No electricity for production
No good roads for transportation of goods especially in useless Abia state
We have to borrow more money to sustain these legisLOOTERS in National assembly for doing nothing whereas the military and policemen that protects this country earns poor salaries and live in slum.
SCRAP Bicameral legislature and adopt unicameral.
I weep the the ant of Africa

Another excuse for them to carry out their agenda on increments

Tell us something new

Next level govt.

If buhari was to be a teacher no student will agree to be taught by him

Believe you me, APC don't know anything about governance, let alone critical thinking/reasoning.

To make matters worse, they seem not to have the shame to pay others that can think to think for them. That way, no one will call them the morons they are pretending not to be.

Nigeria is just doomed under this APC. That explains why they act like cows...

Help Please!

Zombie will boycott this

Buharis marriage with IMF is slowly colapsing

Borrowing to foot our Senators bills and peddling continue in the looting spree

they insist on going ahead to impose VAT well tough time awaits Nigs

happney65:
The International Monetary Fund has said that Nigeria’s “over-Optimistic” revenue assumptions has made the government dependent on expensive borrowing from the Central Bank of Nigeria.

The IMF stated that plans to increase Value Added Tax and minimum wage would also halt the current deceleration of the country’s inflation rate.

A statement by the IMF said, “Over-optimistic revenue projections have led to higher financing needs than initially envisaged, resulting in over-reliance on the expensive borrowing from the central bank to finance the deficit.

“Inflation will likely pick up in 2020 following rising minimum wages and a higher VAT rate, despite a tight monetary policy.”

In the spending plan for 2020 released by President Muhammadu Buhari, the government intends to increase the present value added tax rate by 50 per cent from its present five per cent.

This will force Nigerians to pay more for goods and services, leading to an increase in the rate at which prices will rise in the coming year.

While noting that Nigeria’s economy was recovering slowly after a 2016 recession, the IMF stated that bigger deficits make monetary policy complex owing to the government’s reliance on the CBN for funding.

http://saharareporters.com/2019/10/10/nigerian-government-dependent-expensive-borrowing-%E2%80%93imf?fbclid=IwAR2XWKauu2Obnnb_mSZvjXxpeShqZiFkJcKsbV38uvhqNng89yMWtakoOdM

Tell Buhari he is mad.

[s]

solmusdesigns:
Buharis marriage with IMF is slowly colapsing

[/s]

They wont stop borrowing, that is just the case
Failed country

Watch out they will look for someone to blame in response of this.. And imf minimum wage has not been implemented ooo

SLAP44:
I have a question. How are herdsmen taxed?

Oga you have asked a very brilliant question....Considering how the federal republic treats them like the golden calves and are even ready to spend money to ensure they are comfortable.........I hope the FIRS is collecting their full money, they cannot be eating Nigerian grass and not remitting to the Nigeria purse

Bros God bless you for this question

This a troubling review of the 2020 national budget

All economic indices show that Nigeria is in deep economic shit.

Kk

How can a president with zero understanding of basic economics, who couldn't pass ssce, how can such a man drive a national economic policy?

King44:
they insist on going ahead to impose VAT well tough time awaits Nigs

And Nigeria will finally collapse. One day, the masses will turn against them.

SLAP44:
I have a question. How are herdsmen taxed?

You can't find the answer here. Please write to Aso Rock or FIRS. The answer you seek is right there.

They'll say it's wailers and PDP who can't see a way to loot that have made this statement