Seeks more funding for FG
Bill Gates, the co-founder of Microsoft, has highlighted the need for improved tax collection in Nigeria.
Gates, who was in Nigeria to discuss solutions to various development challenges, in a speech at the ‘Pan-African Youth Dialogue on Nutrition’ in Abuja, emphasised that the countrys low tax collection poses a significant challenge to adequately financing critical sectors such as health and education.
According to Gates, Nigerias current tax collection rate is relatively low, who said this needs to change if the country is to achieve its development goals.
He emphasised the importance of citizens having confidence in the Governments ability to deliver quality healthcare, and noted that this confidence can only be built if there is a commitment to ensuring that health programs are well-funded and efficiently managed.
Gates remarks come on the heels of a proposal by the Presidential Fiscal Policy and Tax Reforms Committee to increase Value-added tax (VAT), from 7.5% to 10%.
Chairman of the committee, Taiwo Oyedele, has said that this increase is necessary to address significant issues in Nigerias tax revenue and overall fiscal system. He emphasised that Nigerias fiscal system is in crisis, adding that urgent action is needed to address these challenges.
Gates visit to Nigeria aimed to facilitate discussions on solutions to various development challenges, including health, agriculture, poverty, and nutrition. He met with Nigerian government officials, youth, and partners to explore ways to address these challenges and improve the lives of Nigerians.
