A new report published by Oxfam ‘Takers Not Makers’, said that four Nigerian billionaires’ wealth amount to $23.7 billion, but that over 133 million other Nigerians face hunger. The report also indicated that the wealth of this four billionaires could easily cover the whole of Lagos city in N500 notes. According to the report, Nigeria’s wealth gap has reached crisis levels, with the richest individuals accumulating unprecedented wealth while the poor struggle to survive. It said “in 2024, billionaire wealth surged, and this trend is expected to continue, with at least five trillionaires emerging in the next decade, according to our findings.
“A staggering 60 per cent of billionaire wealth in Nigeria is derived from inheritance, monopoly power, or crony connections, perpetuating a system of economic inequality. This unmerited wealth concentration is exacerbated by a regressive tax system and high cost of governance, which disproportionately benefits the wealthy elite.
“In Nigeria, the wealth of four billionaires at $23.7 billion could easily cover the whole of Lagos city in 500 Naira notes. Meanwhile, over 133 million people, about 70 per cent of the population, face hunger, with women and girls disproportionately affected, making up nearly 63% of the hungry population. Oxfam publishes “Takers Not Makers” today as business elites gather in the Swiss resort town of Davos and billionaire Donald Trump, backed by the world’s richest man Elon Musk, is inaugurated as President of the United States. According to the Country Director, Oxfam in Nigeria. John Makina, “Low and middle-income countries spend on average nearly half of their national budgets on debt repayments, often to rich creditors in New York and London. Nigeria’s debt to service ratio rose to 162% in 2024, as compared to 128% in 2023.
“The report also shines a light on how, contrary to popular perception, billionaire wealth is largely unearned —60 percent of billionaire wealth now comes from inheritance, monopoly power or crony connections. Unmerited wealth and colonialism —understood as not only a history of brutal wealth extraction but also a powerful force behind today’s extreme levels of inequality— stand as two major drivers of billionaire wealth accumulation.” Therefore, Oxfam called on governments to act rapidly to reduce inequality and end extreme wealth: “Radically reduce inequality. Governments need to commit to ensuring that, both globally and at a national level, the incomes of the top 10 percent are no higher than the bottom 40 percent.
“According to World Bank data, reducing inequality could end poverty three times faster. Governments must also tackle and end the racism, sexism and division that underpin ongoing economic exploitation. Tax the richest to end extreme wealth. Global tax policy should fall under a new UN tax convention, ensuring the richest people and corporations pay their fair share. Tax havens must be abolished. Oxfam’s analysis shows that half of the world’s billionaires live in countries with no inheritance tax for direct descendants. Inheritance needs to be taxed to dismantle the new aristocracy. In Nigeria, a report by the Federal Inland Revenue Service has it that only 40 wealthy individuals pay taxes, the other question is whether the taxes they pay are fair to the income/profit they make. The ongoing tax and fiscal reforms must put a search light on taxing the rich, not just the billionaires but the millionaires in hundreds.
“End the flow of wealth from the global South to the global North. Cancel debts and end the dominance of rich countries and corporations over financial markets and trade rules. This means breaking up monopolies, democratizing patent rules, and regulating corporations to ensure they pay living wages and cap CEO pay as well as stop eschewing trade relations in the favour of goods/commodities that the global north markets need rather than those that will benefit markets in the global south. Restructure voting powers in the World Bank, IMF and UN Security Council to guarantee fair representation of Global South countries. Former colonial powers must also confront the lasting harm caused by their colonial rule, offer formal apologies, and provide reparations to affected communities.
“The Nigerian government should: Raise social sector spending to at least 10% of the national budget; Prioritize investments in health, education, and agriculture to bridge the wealth gap and improve human development outcomes. Develop a comprehensive wealth registry and stronger tax enforcement will ensure high-net-worth individuals contribute fairly.”
