Some experts have highlighted the need for stronger tax systems, accessible healthcare, and improved data use to drive Nigeria’s economic growth and protect vulnerable citizens.

They made the call on Thursday at an event organised by the Chartered Institute of Bankers of Nigeria Centre for Financial Studies in collaboration with B. Adedipe Associates Ltd.

Tosin Runsewe, CEO of AfyA Care Nigeria, speaking at a panel session, said that building modern hospitals alone was not enough if care remained unaffordable.

Mr Runsewe called for 20 to 40 large-scale healthcare organisations with branches nationwide and urged government and corporate leaders to provide structured health insurance for staff and the vulnerable.

“Every Nigerian is one serious illness away from poverty,” he said.

According to Mr Runsewe, cancer treatment can cost up to N15 million, well beyond the reach of most households. He said that effective insurance and financing structures are critical to prevent delays in treatment and reliance on alternative care.

Responding to a question from one of the panelists, Runsewe said excess revenue raised from the ongoing bank recapitalisation should be channelled into the health sector.

Biodun Adedipe, chief consultant at B. Adedipe Associates Ltd., who earlier delivered a keynote, said the Nigeria Tax Reform Act 2025 is central to sustaining growth, exchange rate stability, and data-driven governance.

According to him, the act clearly defines taxable incomes, closes loopholes, and widens the tax net using credible data.

“With effective tax intelligence, there is no hiding place,” Mr Adedipe said.

He explained that reforms aim to raise Nigeria’s tax-to-GDP ratio from below 10 per cent to about 16 per cent and improve equity and compliance.

Mr Adedipe projected GDP growth of 4.5 per cent in 2026, alongside moderating inflation and stronger investor confidence.

Baba Musa, West African Institute for Financial and Economic Management’s director-general, said Nigeria’s weak revenue over the past two decades was due to poor tax compliance and a narrow tax base.

He cited Alaba International Market, where daily transactions of about N3 billion generate less than one per cent in taxes, highlighting the need for broader coverage.

Another panelist, Olufunmilayo Olaniyi, the senior vice-president of Flutterwave, said Nigeria must improve on the use of data and modern tools to strengthen regulation and decision-making.

According to Ms Olaniyi, real-time dashboards and analytics are critical for oversight and competitiveness, urging continuous learning and capacity building.

(NAN)