Experts have spoken up to say that Nigerians are already over burdened and should not be taxed as the government proposes.
Nigeria spends most of the money generated on recurrent expenditure and no feasible projects.
The Federal Government owed N20.42tn as of June 30, 2019 while the 36 states and the Federal Capital Territory had a total debt portfolio of N5.28tn.
On the global economy, the IMF said declines in interest rate had further motivated investors to search for yield by increasing duration and credit exposures.
It said the amount of government and corporate bonds with negative yields had increased to about $15tn.
As a result, the Fund said vulnerabilities had continued to intensify, adding that this development was putting growth at risk in the medium term.