Philanthropist and Microsoft co-founder Bill Gates has expressed concerns over Nigeria’s low tax collection rates, describing them as insufficient for fostering sustainable economic growth and development. Speaking during a recent forum, Gates emphasized that for a country like Nigeria, with a large population and significant developmental needs, effective tax collection is crucial to fund public services and infrastructure.
Gates pointed out that Nigeria’s tax-to-GDP ratio is among the lowest in the world, suggesting that the government needs to adopt more robust policies to enhance tax compliance and broaden the tax base. “The tax collection in Nigeria is too low,” Gates stated, urging Nigerian policymakers to focus on reforms that ensure fair and efficient tax systems.
The billionaire’s comments come at a time when Nigeria is grappling with economic challenges, including budget deficits and reduced revenues. Improving tax collection could provide a more stable financial base for the country, reducing reliance on oil revenues and external borrowing.
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His remarks have sparked discussions among policymakers and economists on the need for comprehensive tax reforms to drive development and reduce poverty in Africa’s largest economy.
