OXFAM Nigeria has tasked the incoming government to see health and agriculture as a matter of priority by investing a minimum of 15% and at least 10% of its national
budget respectively to boost healthcare provision and as well as encourage women and youth in agricultural businesses with farm inputs in the country.
OXFAM country Director Vincent Ahonsi gave the charge in a report titled ‘Agenda for Incoming Nigeria Government’ on 16th April 2023.
He said the incoming government needs to take urgent steps toward ending hunger, reducing inequality, and reducing the number of Nigerians living below the poverty line stressing that the country’s enormous abundant human capital and economic potential could lift millions out of poverty should the government is determined to toll the right direction.
According to Vincent, stimulating economic recovery will require the realization of Small and Medium Enterprises (SMEs) to tackle the developmental challenges facing the country.
Quoting the International Labour Organization (ILO), the OXFAM country Director says “SMEs contribute 48 percent of national GDP, account for 96 percent of businesses and 84 percent of employment (not the big corporations).
“Networking and collaboration are essential for building a healthy SME ecosystem and unlocking the opportunities that it holds.
“In Nigeria, the 3 richest men have more wealth than 83 million Nigerians, and their wealth has grown by a third since the start of the COVID-19 pandemic.
“133 million Nigerians are living in multi-dimensional poverty.
“Nearly 25 million Nigerians are at risk of facing hunger between June and August 2023.
“It is estimated that Nigeria now has about 20 million out-of-school children.
“About 6 out of every 10 Nigerians lack access to quality primary healthcare services.
“Nigeria has the second highest burden of stunted children in the world, with a national
prevalence rate of 32% of children under 5 years of age.
“An estimated 2 million children in Nigeria suffer from severe acute malnutrition (SAM).
“While the country represents 2.4% of the world’s population, it currently contributes 10%
of global deaths for pregnant mothers.
“In 2022, allocation to Nigeria’s agricultural sector represented just 1.8 percent of the
budget.
“According to the Nigerian Debt Management Office (DMO), the incoming administration
of the country could inherit a public debt of N77 trillion ($172 billion).
“In 2022, Nigeria’s debt service-to-revenue ratio was at 80.6 percent — a figure far above
World Bank suggested 22.5 percent for low-income countries like Nigeria.
“Consumer price index (CPI), which measures the rate of change in prices of goods and
services, rose to 22.04 percent in March 2023
“Nigeria’s tax-to-GDP ratio in 2020 (5.5%) was lower than the average of the 31 African
countries in Revenue Statistics in Africa 2022 (16.0%) by 10.4 percentage points.” The report is advocating for an inclusive business environment, where women and youth are empowered to participate in a conducive environment, provide technical support and training to narrow the wide education inequality between the rich and the poor to promote a significant investment in free universal education, with an emphasis on improving access to high-quality primary and secondary education in Nigeria.
