ABUJA: American philanthropist and billionaire Bill Gates, has said the Nigeria’s economy has stagnated, and the nation’s debt has surpassed 50% of GDP for the first time since 2001.
According to him, the revenue-to-GDP ratio has increased, but it is still less than it was fifteen years ago, that is 2010/2011
He argues that as a result of the stagnation, Nigeria spends less per person on its citizens than other African nations that own just a little of its wealth.
“The economy of Nigeria is at a standstill. For the first time since 2001, your debt reached 50% of your GDP earlier this year. he said in a statement in Abuja, Nigeria
Bill Gate who attended the National Economic Council meeting at the State House in Abuja on Wednesday, noted that after the unification of exchange rate, the next great hurdle for Nigeria’s economic leaders is raising revenue.
While acknowledging that paying of taxes are never popular anywhere in the world, Gates maintained that they are social compact needed to drive the economy.
According to him, Nigerians are more likely to pay taxes when they see the government spending that money to give them a better life.
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On the issue of tax in Nigeria, there are school of thoughts that collecting taxes is extremely difficult and unpopular due to the fact that Nigeria leaders are very corrupt and cannot manage tax payers money to the benefits of her citizens.
An anonymous said how can you pay tax and one politician will embezzled the hard earned money with any consequences.
