Bill Gates, co-chair of the Bill and Melinda Gates Foundation, has pointed out that Nigeria's Value Added Tax (VAT) is among the lowest in the world. He made this statement during the Nutrivision 2024 dialogue held in Abuja on Tuesday, where he addressed potential financing strategies for large-scale public health initiatives.
Gates emphasized the need for the Nigerian government to enhance its funding for health-related programs, noting that the current tax collection levels are significantly low. He expressed optimism about future government plans to increase funding for various sectors, including public health.
His remarks came on the heels of his participation in Nigeria's National Economic Council meeting on Wednesday. Additionally, Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, announced proposals to raise the VAT from 7.5% to 10%, aiming to bolster the country's revenue generation.