The World Bank has pledged to assist Nigeria to increase its Internally Generated Revenue, IGR to address poverty and service delivery by government.
World Bank Country Director in Nigeria, Shubham Chaudhuri made the pledged at the opening of a Peer Learning Event organised by the Nigeria Governors Forum, NGF in Abuja.
Chaudhuri said one of the things that surprised him when he assumed office in Nigeria was the country’s low level of revenue to Gross Domestic Product, (GDP put at eight per cent.
According to him, this is small compared with the number obtainable in South and East Asia.
The Country Director said that the fall in the prices of oil revenue as witnessed within the last three years left Nigeria vulnerable to global oil prices. He, however, noted that the bank had been trying to help the government of Nigeria to raise the level of domestic mobilisation.
Also in his remarks, the Head of Department for International Development Nigeria, Christopher Pycroft said that improving domestic revenue had become imperative, not just for the Federal but also the state governments.
