BusinessFeaturedHighlight

Bill Gates tears apart Buhari administration’s economic recovery plans, says does not reflect people’s needs

327
Co-Chair of the Bill and Melinda Gates Foundation, Bill Gates is speaking out against the Buhari administration’s Economic Recovery and Growth Plan ( ERGP), saying it does not reflects people’s needs.

Gates, who is the world’s richest man said he does not enjoy “speaking bluntly” to Nigeria when the people had been “so gracious enough “to invite him, however hinted that Statistical data show the country “still looks like a low- income country”

He said he was encouraged to be blunt by Aliko Dangote’s frank approach to “stressing the importance of accurate data.”

Gates stated this at the expended National Economic Council on Investment in Human Capital, presided over by Vice President Yemi Osinbajo, at the State House Conference Center, Presidential Villa, Abuja, on Thursday.

Bill Gates

Taking a comparative analysis of data to back his arguments, he described Nigeria as “one of the most dangerous places in the world to give birth” , with “one in three Nigerian children, chronically malnourished”

The Bill and Melinda Gates Foundation has committed well over $1.6 billion with the foundation’s biggest office in Africa located in Nigeria.

The foundation which is committed to making lives better for poor people globally, is also planning to increase its Commitments to Nigeria, Gates said.

Nigeria, he said has the fourth worst maternal mortality rate in the world, only ahead of Sierra Leone, Central African Republic and Chad.

“In upper middle- income countries, the average life expectancy is 75 years. In lower middle – income countries, it’s 68, in low- income countries, it’s 62. In Nigeria, it is lower still, just 53 years”

VP Osinbajo, Dangote and Mr Gates at the Villa, Abuja, Thursday

Gates however sees the country thriving if it is ready to invest in the health, education and opportunities- the human capital “if you don’t, however, then it is very important to recognize that there will be a sharp limit on how much the country can grow.”

Gates who sees Nigeria as having “unmatched economic potential” assured that his Foundation is eager to support the government to make “Nigeria a powerhouse that provides opportunities for all its citizens.”

Citing the gains Nigeria has recorded in the immunization against Polio, he urged Nigeria to pursue human capital development with the same vigor to achieve the desired results.

The Chairman, Dangote Foundation, Aliko Dangote, in his opening remarks, said for Nigeria to truly compete globally, we must prioritize investments in the health, education and opportunity of our people alongside other critical areas like infrastructure. Together, these are the inputs that will make Nigeria richer.

At a function in Washington, last year, the International Monetary Fund announced that the federal government’s Economic Recovery and Growth Plan may not achieve its objectives unless the government changes its approach.  If the government’s presentation at the IMF annual meeting last year is anything to go by, then we can assume nothing has been learnt, said a top IMF official.

The issue remains that the Nigerian government continues to plan on uncertainty, the same manner it continues to budget against the price of crude oil, its natural resource – the main factor responsible for its economy being in the doldrums. Nothing in history suggests that recovering illicit funds is an easy task. Monies looted by the former head of state, General Sani Abacha decades ago are yet to be fully returned and the subject of several legal procedures across various jurisdictions,according to the Post.

Economists in their dozens have criticized the Focus Labs launched by the vice president last week, saying its a waste of time and resources.

Osinbajo, in his response to Bill Gates said that high oil prices and economic growth of previous years had failed to translate into a better life for most Nigerians.

Per Second News gathered that unnecessary delays in policy action — including pre-election pressures  has affected economic recovery plans, making it costlier and more difficult to achieve.

Leave a comment

Related Articles

FG set to partner private sector to raise $10bln for power sector

The Federal Government has unveiled an ambitious plan to collaborate with the...

Nigeria Customs Service Exceeds 2024 Revenue Target, Rakes in N5.7trn

The Nigeria Customs Service (NCS) has announced a remarkable revenue generation of...

Nigeria’s Domestic Debt Reaches N66.957trn in H1 2024

Nigeria’s domestic debt stock has surged to N66.957 trillion in the first...

Alleged bullying: FG suspends 13 FGC Enugu students as governor orders arrest

The Federal Government has taken swift action against bullying in Federal Government...

Edo Gov. Okpebholo appoints Oshimhole’s son commissioner, SSG, AG, others

The new governor of Edo State, Sen. Monday Okpebholo, has announced Mr....

Rodri Brushes Off Vinicius, Real Madrid at Ballon d’Or ceremony

Recently crowned 2024 Ballon d’Or winner Rodri has downplayed the absence of...

Super Eagles Land in Abidjan, Gear Up for Benin Republic Clash

The Nigerian national football team, the Super Eagles, has arrived in Abidjan,...

Nigeria signs $1.2bln deal with CNCEC to revive aluminium smelter

Nigeria has taken a significant step towards reviving its dormant aluminium smelter...

VP Shettima Arrives in Benin City for Edo Governor’s Inauguration

Vice President Kashim Shettima has arrived in Benin City, Edo State capital,...

Breaking: Powerful explosion rocks Jos, many people feared dead

A devastating explosion shook the city of Jos on Tuesday morning, sending...

NNPC Ltd. boss, Mele Kyari, thrashes allegation of sabotaging Dangote Refinery as baseless

Mr. Mele Kyari, the Group Chief Executive Officer of the Nigerian National...

Infanticide: US places $25,000 bounty on fleeing Nigerian parent

The United States of America has offered a $25,000 reward for anyone...

Tinubu, Abiodun, Sanwo-Olu, others extol Pastor Tunde Bakare at 70

Pastor Tunde Bakare, the founder of Citadel Global Community Church, is a...

NNPC Ltd. Unveils Plan to Resolve Nigeria’s Energy Trilemma

Nigerian National Petroleum Company Limited (NNPC Ltd) Group CEO, Mr. Mele Kyari,...

Breaking: IPMAN Secures Direct Supply Deal with Dangote Refinery, Promises Steady, Affordable Fuel Nationwide

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a landmark...

“Operation Sweep”, FCT demolition squad, faces backlash from residents, Wike reacts

The recent demolition exercise by “Operation Sweep”, a task force set up...

Nov. 16 Ondo guber poll: Sensitive election materials arrive

Ahead of the Saturday, October 16 governorship poll in Ondo State, sensitive...

China’s imports from Nigeria soar to $15.1bln, 36.1% increase

China’s imports from Nigeria have reached an all-time high of $15.1 billion...

Vandals destroy TCN towers, disrupt power supply in Abuja

The Transmission Company of Nigeria (TCN) has reported a fresh attack on...

Amid opposition, Kano Rep. Jibrin promises to push Tinubu’s tax reform bills through in NASS

In spite of growing opposition to President Bola Tinubu’s controversial tax reform...