Economy
IMF Urges Sub-Saharan Africa to Domestically Increase Tax Revenues, Others
The International Monetary Fund (IMF) has urged countries in Sub-Saharan Africa to do more domestically to increase tax revenues and improve the quality of spending.
Ms Kristalina Georgieva, Managing Director of IMF, made this known in Washington D.
C. on Wednesday at the IMF/World Bank Spring Meetings news conference.Georgieva also assured that the region would enjoy the fund’s support in improving governance, transparency and accountability to their citizens.
According to her, the fund, in 2020 increased 13 times, the financing, especially on emergency basis to Africa.
“We have advocated for debt service suspension and that has provided up to now, some seven billion dollars to low income countries.
“A big chunk of this is for Sub-Saharan Africa. We have provided debt relief to our most vulnerable members, so Sub-Saharan African countries that fall in this category benefited from it.
“We are looking for ways to reform our concessional lending program, the Poverty Reduction and Growth Trust, so we can do more concessional financing on a larger scale for longer, especially in Sub-Saharan Africa.”
She said the fund now had a big support from the G‑20 and was very optimistic it would get a new SDR allocation which for Sub-Saharan African countries with depleted buffers, would be a very welcome injection.
The MD, however, called on wealthier members who might not need an injection of reserves to lend through it on highly concessional terms funding that could go to countries that needed it.
On the global front, Georgieva said economic fortunes were diverging dangerously.
According to her, a small number of advanced and emerging market economies, led by the U.S. and China are powering ahead.
She added that weaker and poorer countries were falling behind in this multi-speed recovery.
“We also face extremely high uncertainty, especially over the impact of new virus strains and potential shifts in financial conditions.
“There is the risk of further economic scarring from job losses, learning losses, bankruptcies, extreme poverty and hunger.
“Policymakers must take the right actions now by giving everyone a fair shot, not just into people’s arms, but also in people’s lives and in vulnerable economies.”
She gave three policy recommendations that should help boost recovery of economies.
First, All should get a fair shot at the vaccine, which means ramping up vaccine production and distribution and steering clear of export controls.
“It also means fully funding the COVAX facility and ensuring that surplus vaccines are transferred to poorer countries.
“Vaccine policy is economic policy. Faster progress in ending the health crisis can add almost nine trillion dollars to global Gross Domestic Product by 2025, best value for public money in our times, but this window of opportunity is closing fast.
“The scientists have given us vaccines in record time, now governments must show the same sense of urgency and collaboration to provide vaccines to everyone, everywhere.”
Secondly, that there is a fair shot at recovery.
According to her, the key is to support vulnerable households and viable firms for as long as the crisis is around.
This would require targeted fiscal measures and maintaining favorable financial conditions.
She added that given diverging recoveries, careful communication by major central banks and prudent policies in emerging and developing countries to minimise harmful financial spillovers was needed.
Thirdly, there was a fair shot at the future.
Georgieva said it was perhaps the most consequential decision that any government could make in 2021 as the focus should be on scaling up public investment.
This should be in green projects and digital infrastructure, in people’s health and education to ensure that everyone could benefit from the historic transformation to greener, smarter and more inclusive economies.
“To unlock this potential, countries will need sufficient public revenues and more efficient spending.
“In many cases, this will mean more progressive taxation and an agreement on questions like minimum taxation for companies and international tax rights.
“This has to be coupled with stronger support for poorer countries as they fight the crisis and seek to invest in the future.”
She added that low-income countries had to deploy 450 billion dollars over the next five years.
She said that as part of a comprehensive effort, they needed more domestic revenue mobilisation, but also more external concessional financing and more help to deal with debt.
The MD added that further extension of the Debt Service Suspension Initiative that was just announced by the G20 and the new Common Framework for orderly debt restructuring would help.
The virtual Spring Meetings which began on Monday would end on Sunday. (NAN)
Economy
Imo records over $1m from non-oil exports in 2025 – NEPC
The Nigerian Export Promotion Council (NEPC) says exporters in Imo generated a total of 1,244,095 dollars as proceeds from export trade in 2025.
The Imo Coordinator of the council, Mr Anthony Ajuruchi, disclosed this during a follow-up engagement with cocoa farmers in the state on Thursday in Owerri.
50 cocoa farmers and exporters in Imo received 30 cocoa seedlings each in 2025 as part of interventions to boost production for export.
Ajuruchi said the amount was derived from proceeds of both formal and informal export transactions carried out by the farmers within the 2025 fiscal year.
He commended the Executive Director of NEPC, Mrs Nonye Ayeni, and the management team for their support and commitment to the growth of the export market in Imo and across the country.
According to him, the council recorded notable achievements in 2025, including the organisation of capacity-building programmes on non-oil export, product packaging and labelling.
“In addition to our interventions for cashew farmers, we conducted trainings on product development and adaptation, export contracts, market penetration, product certification and export documentation procedures.
“We also trained about 600 exporters and small and medium-scale enterprises,” he said.
Ajuruchi said the engagement with the cocoa farmers was aimed at obtaining feedback and brainstorming on strategies to increase production and export volume in 2026.
One of the beneficiaries, Mrs Sophia Orji, said the cocoa seedlings she received were doing well and had started fruiting after 17 months.
Another farmer, Mrs Mary Okeke, said her cocoa plants were thriving and appealed to NEPC to extend similar support to farmers during the rainy season.
Also speaking, Mr Canice Nze, Director of Produce in the Imo Ministry of Trade, Commerce and Investment, urged the farmers to register with the ministry to enable them benefit from cooperative structures and access possible government grants. (NAN)
Economy
NCC, CBN Approve Refund Framework for Failed Airtime and Data Transactions
By David Torough, Abuja
In line with the consumer-focused objectives of the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), the two regulators have drawn up a framework to address consumer complaints arising from unsuccessful airtime and data transactions during network downtimes, system glitches, or human input errors.
The framework is the outcome of several months of engagements involving the NCC, the CBN, Mobile Network Operators (MNOs), Value Added Service (VAS) providers, Deposit Money Banks (DMBs), and other relevant stakeholders.
According to the NCC, these engagements were prompted by a rising incidence of failed airtime and data purchases, where subscribers were debited without receiving value and experienced delays in resolution.
“The Framework represents a unified position by both the telecommunications and financial sectors on addressing such complaints. It identifies and tackles the root causes of failed airtime and data transactions, including instances where bank accounts are debited without successful delivery of services. It also prescribes an enforceable Service Level Agreement (SLA) for MNOs and DMBs, clearly outlining the roles and responsibilities of each stakeholder in the transaction and resolution process,” a statement by Head of Public Affairs of NCC, Nnen Ukoha said.
Under the new framework, where a purchaser is debited but fails to receive value for airtime or data—whether the failure occurs at the bank level or with an NCC licensee—the purchaser is entitled to a refund within 30 seconds, except in circumstances where the transaction remains pending, of which the refund can take up to 24 hours.
The framework further mandates operators to notify consumers via SMS of the success or failure of every transaction. It also addresses erroneous recharges to ported lines, incorrect airtime or data purchases, and instances where transactions are made to the wrong phone number.
Director of Consumer Affairs at the NCC, Mrs. Freda Bruce-Bennett in a comment on the development said the framework also establishes a Central Monitoring Dashboard to be jointly hosted by the NCC and the CBN. According to her, the dashboard will enable both regulators to monitor failures, the responsible party, refunds, and track SLA breaches in real time.
“Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve it within the shortest possible time,” she said.
“We are grateful to all stakeholders—particularly the Central Bank of Nigeria and its leadership—for their tireless commitment to resolving this issue and arriving at this framework, and for ensuring that consumers of telecommunications services receive full value for their purchases.
“So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10 billion to customers for failed transactions” she explained .
Mrs. Bruce-Bennett further noted that implementation of the framework is expected to commence on March 1, 2026, once the two regulators have made final approvals, and technical integration by all MNOs, VAS providers and DMBs is concluded.
Business News
Budget Office Defends Tax Reform Acts, Seeks Due Process
By Tony Obiechina, Abuja
The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.
In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.
According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.
However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.
The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.
On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.
The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.
At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.
From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.
To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.
Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.
“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.
The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.
The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.

