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Organized Private Sector rejects IMF’s tax increase call

Written by on April 17, 2023

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

According to OPS, the toxic prescription, if accepted 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 reiterated that the $800million loan to serve as palliatives, ahead of the planned removal of subsidy, was not necessary.

It however, urges the government to give attention to fixing the nation’s refineries, with a view to making them operational before the removal of petrol subsidy.

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