Nigeria

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid. Focusing in particular on Kenya, Zambia, Zimbabwe, Mozambique, Nigeria and Senegal, the AfSDJN will also amplify African voices and decolonize narratives on African sovereign debt . Its activities include producing research outputs to enhance the network’s advocacy interventions. It also seeks to create awareness on and elevate the priority given to sovereign debt and other economic justice issues on the African continent and beyond throughout 2021.

This is an Interview by Our Founding Editor and Co-Convener, Olabisi D. Akinkugbe, on Channels TV, Nigeria. The interview was conducted on the heels of the 2022 IMF and World Bank Spring Meetings and the African Sovereign Debt Justice Network's Statement.

Nigeria is being careful with its approach in its quest to tax the digital economy. Rather than enacting a stand-alone digital service tax law, Nigeria is amending key parts of its corporate income tax law to accommodate effects of the digital economy. These amendments, particularly the latest amendment on turnover assessment, are not substantially different from an average digital service tax. Both taxes are levied on turnover of digital platforms. The 6% tax rate on turnover is likely to be a major concern for non-resident companies as it is much higher than the digital service taxes in other jurisdictions. France and UK impose 3% and 2% digital service tax respectively; while Kenya, a comparable developing country in the same region, has 1.5% digital service tax. Canada is in advanced stage of launching its 3% digital service tax on all in-country revenues earned on digital activities.

The African Sovereign Debt Justice Network brings to you an update of African sovereign debt news and updates on events and happenings on and about Africa that reveal how sovereign debt issues are engaged by the various stakeholders.

Although we tried to determine if and how internationally-financed climate action may be worsening Nigeria’s debt crisis, we weren’t able to find data that would lead us to a definitive analysis. It is logical that any borrowing, especially on non-concessional terms, that will not pay for itself through productivity, will contribute to Nigeria’s debt, and in that way, further undermine Nigeria’s ability to take much-needed climate action (or any humanitarian or development objectives).

The African Sovereign Debt Justice Network brings to you an update of African sovereign debt news and updates on events and happenings on and about Africa that reveal how sovereign debt issues are engaged by the various stakeholders.

The African Sovereign Debt Justice Network brings to you an update of African sovereign debt news and updates on events and happenings on and about Africa that reveal how sovereign debt issues are engaged by the various stakeholders.

The African Sovereign Debt Justice Network brings to you an update of African sovereign debt news and updates on events and happenings on and about Africa that reveal how sovereign debt issues are engaged by the various stakeholders.

The African Sovereign Debt Justice Network brings to you an update of African sovereign debt news and updates on events and happenings on and about Africa that reveal how sovereign debt issues are engaged by the various stakeholders.

The African Sovereign Debt Justice Network brings to you an update of African sovereign debt news and updates on events and happenings on and about Africa that reveal how sovereign debt issues are engaged by the various stakeholders.