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

The IMF has asked Nigeria to implement a reform that would see it phase out tax holidays and exemptions eroding the Company Income Tax base.

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

The Senior Resident Representative and Mission Chief for Nigeria, Africa Department, IMF, Amine Mati, made the request in Lagos on Saturday.

Mati added that the Federal Government needs to reduce interest payments on borrowed funds to about 30 per cent of the country’s revenue.

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There is also a need for Nigerian policymakers to move beyond voluntary compliance measures in tax matters in order to mobilise non-oil revenue and increase the fiscal space.

The IMF chief spoke while making a presentation at a forum organised by the Chartered Institute of Bankers of Nigeria.

In the presentation, he stressed the need to embark on full Value Added Tax and broaden it.

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