Nigeria's Finance Minister Opposes New Taxes at IMF Meeting

Wale Oyedele, Nigeria's Finance Minister, addressed the 2026 annual meetings of the International Monetary Fund (IMF) and the World Bank in Bangkok, Thailand, where he presented the communiqué of the Intergovernmental Group of Twenty-Four (G24). He asserted that it is the wrong time to impose new taxes or increase the tax burden, particularly on vulnerable populations and productive sectors of the economy.

Oyedele emphasized that developing countries should seek savings and improve revenue mobilization without additional burdens on citizens and businesses. He acknowledged the necessity of borrowing for economic growth but stressed that it should support job creation and inclusive development.

Oyedele highlighted that public financing should focus on essential services like healthcare and education, while private capital could address other investment needs. He concluded that taxation and borrowing should not be viewed in isolation, as both are crucial for catering to the needs of the people.