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Three Nigerians Wealthier Than 83m Nigerians – Report

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In a country of over 200 million people, a report has revealed that three of the richest Nigerian citizens are wealthier than over 83 million others put together.

The statistics was revealed at a press briefing in Abuja on Monday, January 16, 2023.

The report entitled ‘Davos 2023 Inequality Report’ that was released by Oxfam claimed that if well coordinated, taxes from the multi-millionaires and billionaires could raise the country up to $1.7trn a year.

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The organization preaches that the inequality that keeps people poor must be tackled, noting that there must be higher taxation of the world’s super-rich persons to breach the inequality gap in many sectors.

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According to the report, the multi-millionaires and billionaires have for the past decades taken advantage of half of all new wealth, without consideration for other citizens.

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It further said that while billionaire fortunes are increasing by $2.7bn daily, at least 1.7bn workers now live in countries where inflation is outpacing wages.

At least a tax of up to five per cent on the world’s multi-millionaires and billionaires could raise funds enough to lift two billion people out of poverty, the report reiterated.

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It further established that in Nigeria, the richest 0.003 per cent of Nigerians (6,355 individuals worth $5m and above) have 1.4 times more wealth than 107m other Nigerians.

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“A wealth tax of two percent on the millionaires, three percent on those with wealth above $50m and five percent on the Nigerian billionaires would raise $3.2bn annually. This would be enough to double health spending,” the report added.

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