Specifically, flows to Sub-Saharan Africa declined by an estimated 6.1 per cent to $33 billion in 2016, from about $36.3 billion in 2015, due to slow economic growth in remittance-sending countries and decline in commodity prices, especially crude oil, which impacted remittance receiving countries like Nigeria.
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“While we focus on raising revenue and bringing people into the tax system, we must be equally aggressive in our approach to budget implementation and transparency. Our people must know where their hard earned tax contributions are being spent and the impact that they are having on national development and the daily lives of citizens. This will be a core focus for us,” she added.
Nigeria, the continent’s most populous nation and a leading oil producer, was expected to return to growth in 2017 after a challenging 2016 characterised by recession, a dip in oil prices and energy shortages.