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Why we support Nigeria’s domestic revenue drive — World Bank

By Emma Ujah, Abuja Bureau Chief

ABUJA— The World Bank says it supports efforts of the Federal Government to raise domestic revenue, in order to close existing financing gaps towards achieving Sustainble Development Goals, SDGs, and infrastructure across the country.

Country Director of the bank in Nigeria, Mr. Rachid Benmessaoud, said this at the Ideas for Action Africa (IdeaLab) forum at African University of Science and Technology, AUST, Abuja, yesterday.

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According to him, funding from development partners alone will not be sufficient to achieve the SDGs and that as such domestic revenue remained critical for the achievement of the goals globally, and in Nigeria, in particular.

He said:   “Achieving the development goals globally and within the country requires concerted efforts from everyone- from the government and development partners

“Financing alone is not the solution.  It requires a change in the way we do business. You need to realise that if I have to take the case of Nigeria for example, the World Bank and the other development partners have a small share of the total expenditures.

“If you put the entire World Bank funding and the development partners, we will not be able to achieve the Sustainable Development Goals because much more is needed from Nigeria, in order to achieve and sustain the development goals.”



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