Business
Bill Gates Highlights Nigeria’s Low VAT, Government Plans to Increase Health Funding
During the Nutrivision 2024 dialogue in Abuja, Bill Gates, co-chair of the Bill and Melinda Gates Foundation, emphasized the urgent need for improved public health and nutrition strategies in Nigeria.
He highlighted the country’s relatively low Value Added Tax (VAT) rate, suggesting that Nigeria’s tax revenue is significantly lower than it should be.
Gates expressed optimism about the Nigerian government’s plans to increase its contributions to health-related initiatives and fund more public health programs.
He underscored the importance of sustainable financing for public health improvements during the National Economic Council meeting in Nigeria.
In parallel, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, revealed a proposal to raise the VAT rate from 7.5% to 10%.
This potential move aims to bolster government revenue collection and provide additional resources for crucial public services, including healthcare.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
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