The Nigeria Employers’ Consultative Association says the International Monetary Fund’s call on the Federal Government to increase taxes to reduce borrowing will affect economic growth and worse the country’s plight.
The Director General of NECA, Mr Wale Oyerinde, says such an economic decision might appear to be in favour of the government since it would drive up its revenues.
He, however, stressed that hiking taxes would have negative effects on households, businesses, and the economy in general.
Oyerinde says imposing additional taxes on an overwhelmed private sector could make the business community more vulnerable with a trade-off on growth and job creation.