The federal government has stated that it is prepared to raise tax revenue by twice during the following three to four years.
This was announced on the fringes of the ongoing IMF/World Bank Spring Meetings in Washington, DC, by Finance Minister Wale Edun.
Governments would need to borrow less and concentrate more on mobilizing domestic resources from taxes and other government revenue, especially from oil, according to Edun, who met with several foreign investors.
The Minister continued, pointing out that the majority of the almost eight trillion naira in securities issued by the CBN and the Ministry of Finance originated from Treasury bills and Treasury certificates, demonstrating the close cooperation between the monetary and fiscal institutions.