American billionaire and tech giant, Bill Gates, has expressed concern over socio-economic crisis facing Nigeria, adding that the country’s revenue GDP ratio was better 15 years ago than now.
Gates led this out during the National Economic Council (NEC) meeting held at the State House, Abuja on Wednesday.
He pointed out that despite Nigeria’s significant investments-over $2.8 billion from the Gates Foundation, making it their largest commitment in Africa, the country’s economy still remain stagnated.
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Gate said: “Nigeria’s economy has stagnated. Earlier this year, your debt exceeded 50 per cent 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.
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“The result is that Nigeria spends less per-capita on its people than other African countries with a fraction of your wealth.
“I understand this is a politically sensitive area. Nigerians are struggling. Incomes have fallen. Prices have soared. And like in many other countries, people are protesting.
“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.
“After all, priorities without funding are only words. And I know that right now, it’s impossible to give every priority the funding it needs. That’s why it’s more important than ever to focus on the areas you know will make the greatest difference.
“I’ll start with health, because without health, there can be no opportunity.
“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. That ratio should be reversed.”
