Bill Gates Decries Nigeria's Economic Stagnation, Says Nigerians Are More Likely to Pay Taxes When Government Provides Better Life

By: Olufemi Orunsola

American billionaire and co-chair of Bill and Melinda Gates Foundation, Bill Gates has decried the level of economic Stagnation in Nigeria, noting that although the country’s revenue to GDP ratio has grown, it remains lower than what is was 15 years ago.

OPEN TELEVISION NAIJA (OTN) News gathered that the American billionaire who attended the National Economic Council (NEC) meeting at the State House, Abuja alongside Nigerian billionaire businessman, Aliko Dangote on Wednesday, revealed that Nigeria’s economy has stagnated since the country's dept has exceeded 50% of its GIP for the first time since 2001 earlier in the year.

According to Gates, the consequences of the economic Stagnation has been that Nigeria now spends less per-capital on its people than other African countries that tarely have a fraction of the wealth Nigeria possesses.

Gates further noted that after the unification of exchange rate, the next great hurdle for Nigeria’s economic leaders is raising revenue.

While acknowledging that paying of taxes are never popular anywhere in the world, Gates maintained that payment of taxes is a social contract between the Government required to drive the economy.

However, Gates noted that while the Nigerian government may have to look in the direction of taxes for funding the country's budget deficit, Nigerians are more likely to pay taxes when they see the Government spending tax payers money to provide social amenities and infrastructures that enhance better living standards and conditions for the citizenry.

His words, “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.

Gates also advised the Nigerian Government to invest in the health sector, stating that “because without health, there can be no opportunity.”

He further 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."

“Primary care is the first and sometimes, the only point of contact most patients have with the health system. Yet Nigeria spends just 3,000 naira on primary health care per person, per year. 70% of your spending goes to secondary and tertiary care, compared to just 30% for primary care.”

The American billionaire and philantropist also advised the Nigerian Government to invest in nutrition, noting that “Malnutrition is the root cause of nearly half of all child deaths. When children are malnourished, they’re more vulnerable to deadly diseases. Even the children who survive malnutrition never escape it."

“It stunts their brains and bodies in ways that can’t be reversed. And new data show that nearly one-third of Nigerian children suffer from stunting.”

He however noted that there are still reasons for the country to be optimistic despite the array of negative effects of malnutrition on its populace.

“Nigeria already mandates that staple ingredients like cooking oil and wheat flour are fortified with essential nutrients. And researchers are now working on fortifying bouillon cubes too."

“If scaled up, these bouillon cubes could save 11,000 lives and prevent over 16 million cases of anemia each year.”

Gates recounted how his bond with Nigeria and Nigerians has grown over the years, revealing that the Bill & Melinda Gates Foundation has invested over $2.8 billion in the country, which is its largest commitment in Africa.

“I’ve been coming to Nigeria for over two decades now. In that time, I’ve seen performances by Afrobeats legends. I’ve formed friendships with leaders across sectors. And I’ve met with innovators who are changing the world."

“I’m also proud to support their work. To date, our foundation has invested over $2.8 billion in Nigeria. It’s our largest commitment in all of Africa,” Bill Gates concluded.