The US billionaire and philanthropist, Bill Gates, has advised the Nigerian Government to prioritise spending on health care as a means to revamp the economy.
Speaking on Wednesday in Abuja, Gates noted that Nigeria’s economy has stagnated and that the country’s revenue-to-GDP ratio was better 15 years ago than now.
Gates, who attended Nigeria’s National Economic Council meeting at the State House in Abuja, highlighted the importance of investing in Nigeria’s most valuable asset—its people—while tackling the country’s economic issues.
He noted that Nigeria is faced with financial constraints, but insisted that the health of the populace must be prioritised.
“Nigeria’s economy has stagnated. Earlier this year, your debt exceeded 50 per cent of your GDP for the first time since 2001. And while your revenue-to-GDP ratio has grown, it’s still lower than what it was 15 years ago. The result is that Nigeria spends less per-capita on its people than other African countries with a fraction of your wealth.
“I understand this is a politically sensitive area. Nigerians are struggling. Incomes have fallen. Prices have soared. And like in many other countries, people are protesting.
“Taxes are never popular. That’s true in America too. But they’re part of a social compact. People are more likely to pay them when they see the government spending that money to give Nigerians a better life,” the Punch newspaper report on Thursday quoted Gates as saying.
Gates stressed the need for the government to invest in human capital, beginning with increased healthcare spending.
“After all, priorities without funding are only words. And I know that right now, it’s impossible to give every priority the funding it needs. That’s why it’s more important than ever to focus on the areas you know will make the greatest difference.
“I’ll start with health, because without health, there can be no opportunity.
“Primary care is the first—and sometimes, the only—point of contact most patients have with the health system. Yet Nigeria spends just 3,000 naira on primary health care per person, per year. 70% of your spending goes to secondary and tertiary care, compared to just 30% for primary care. That ratio should be reversed.
“Last year, the Federal Government launched an ambitious HPV vaccination campaign. In one month, Nigeria immunised more girls than 40 other Gavi countries combined did the entire previous year. In total, Nigeria reached more than 12 million girls with this life-saving vaccine,” Gates added.
GIK/APA