He said that even though the revenue-to-GDP ratio has grown, it’s still lower than what it was 15 years ago.
The result, according to him, is that Nigeria spends less per-capita on its people than other African countries with a fraction of its wealth.
“Nigeria’s economy has stagnated. Earlier this year, your debt exceeded 50% of your GDP for the first time since 2001.
“And while your revenue-to-GDP ratio has grown, it’s still lower than what it was 15 years ago. The result is that Nigeria spends less per-capita on its people than other African countries with a fraction of your wealth,” he said.
Gates, who attended the National Economic Council meeting at the State House in Abuja on Wednesday, noted that after the unification of exchange rate, the next great hurdle for Nigeria’s economic leaders is raising revenue.
Bill Gates and Aliko Dangote attended the National Economic Council meeting on Wednesday. Photo credit: Presidency
While acknowledging that paying of taxes are never popular anywhere in the world, Gates maintained that they are social compact needed to drive the economy.
According to him, Nigerians are more likely to pay taxes when they see the government spending that money to give them a better life.
Taxes are never popular. That’s true in America too. But they’re part of a social compact. People are more likely to pay them when they see the government spending that money to give Nigerians a better life.
“That’s what I want to speak about today. Because there are so many Nigerian leaders committed to investing in your people. And so many promising solutions in the pipeline,” Gates said.
He also emphasised the need to for the Nigerian government to invest in the health sector “because without health, there can be no opportunity.”
He added, “In just two decades, the world reduced the number of children who die before their 5th birthday by half. That’s largely thanks to investments in primary health care, like routine immunization. But in Nigeria today, 2.2 million kids have never gotten a single vaccine. I think you’ll agree that if children aren’t immunized against deadly diseases, little else matters.
