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.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
The Federal Government of Nigeria has spoken on the agriculture sector of the country and shared that, in its current state, it needs more capital as it cannot stand alone without it.
They stated that even more capital will be needed in order to transform the agricultural sector and improve food production in Nigeria.
“Relying solely on public capital will not suffice to finance the transformation of Nigeria’s agricultural sector. Similarly, private capital will not be mobilised at the necessary scale unless the associated risks are comprehensively understood, appropriately allocated, and effectively managed.”
It has been noted that there is now an increase in fuel all around Nigeria, from … to 1000 plus in fuel stations.
It was also noted that Dangote Petroleum Refinery increased the price to 1,175 per litre and diesel has been increased to 1,620 per litre.
This new spike in fuel increase has caused Nigerians to lament widely, wondering why this change happened all of a sudden.
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