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Bill Gates, co-chair of the Bill and Melinda Gates Foundation, has stated that Nigeria’s Value Added Tax (VAT) ranks among the lowest globally.
Gates made this remark on Tuesday during the Nutrivision 2024 dialogue held in Abuja, where he addressed a question regarding potential financing strategies for large-scale public health initiatives.
He noted that there are plans for the Nigerian government to increase funding for health-related programs in the future. “Over time, there are plans for Nigeria to enhance its government funding beyond current levels. The actual tax collection in Nigeria is quite low,” he explained.
This statement coincided with Gates’ participation in Nigeria’s National Economic Council meeting on Wednesday.
In related news, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, announced that there are proposals in the works to increase VAT from the current rate of 7.5 percent.