The co-Chair of the Bill and Melinda Gates Foundation, Bill Gates, has said that Nigeria’s Value Added Tax is among the lowest worldwide.
Gates disclosed this on Tuesday, 3 September, 2024 during the Nutrivision 2024, dialogue held in Abuja while responding to a question on potential financing mechanisms for large-scale public health interventions.
According to him, there are plans for the government to fund more health-related programmes.
“Over time, there are plans for Nigeria to fund the government more than it does today. The actual tax collection in Nigeria is pretty low,” he said.
This comes as Bill Gates participated in Nigeria’s National Economic Council meeting on Wednesday, 4 September, 2024.
Meanwhile, Taiwo Oyedele, Chairman Presidential Committee on Fiscal Policy and Tax Reforms has announced that plans are on the way to propose a law that would increase VAT from 7.5 percent to 10 percent.
