in Short

Nigeria: World Bank advises on economic recovery strategy

The World Bank has urged Nigeria to increase its revenue streams by removing subsidies on petroleum products and increasing taxes on “sinful goods” such as cigarettes, alcohol, and sugary drinks.

“These reforms include improving tax administration, especially for VAT, while also undertaking some significant policy reforms, such as implementing a levy on electronic money transfers, and additional excise taxes on alcohol and tobacco,” the World Bank advised.

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