A new report released by a global confederation against poverty, Oxfam International, has revealed that the three richest men in Nigeria have more wealth than 83 million citizens.
Oxfam released the global inequality report at the start of the annual World Economic Forum (WEF) meeting in Davos, Switzerland.
In the document, titled: ‘Survival of the Richest’, the international non-governmental organisation (NGO) said the wealth of Nigerian billionaires has grown by a third since the start of the Covid-19 pandemic without a corresponding increase in health budgets.
It also said the richest 0.003 percent of Nigerians (6,355 individuals worth $5 million and above) have 1.4 times more wealth than 107 million of the country’s citizens.
According to Oxfam, a wealth tax of 2 percent on millionaires, 3 percent on those with wealth above $50 million, and 5 percent on Nigerian billionaires would raise $3.2 billion annually. The organisation said the revenue gained from the wealth tax would be enough to double health spending, as Nigeria has one of the lowest health budgets in the world.
Commenting on the report, the Country Director, Oxfam International, Vincent Ahonsi, said super-rich Nigerians are not paying their taxes.
Ahonsi also said to have a more secure and prosperous society, Nigeria needs to purposely work to reduce inequality, generate more tax revenues from the rich, spend more on health, education, agriculture and social protection; and provide fair, inclusive, and gender-sensitive opportunities for its citizens.
