The Federal Government is advancing essential tax reforms aimed at increasing tax revenue and efficiency while also fulfilling the criteria for a $750 million loan from the World Bank.
This loan project is a part of the broader $2.25bn approved by the World Bank for Nigeria on June 13, 2024, to bolster Nigeria’s economic stability and support its vulnerable populations.
The other second part of the loan package was for the Nigeria Reforms for Economic Stabilisation to Enable Transformation, Development Policy Financing Programme project.
For the second loan, NIGPOST earlier reported that the Federal Government had obtained $751.88m out of the approved $1.5bn so far.
However, there has yet to be a disbursement for the first loan of $750m.
NIGPOST Online observed that disbursement for the first loan is tied to specific fiscal and governance conditions under the Accelerating Resource Mobilisation Reforms programme.
The ARMOR programme includes three main result areas: implementing tax and excise reforms to increase Value-Added Tax collections and excise rates on health and environmentally friendly products; strengthening tax and customs administrations to enhance VAT compliance and audit effectiveness; and safeguarding oil and gas revenues by increasing transparency and net revenue contributions.
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