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Again, Nigeria is rated highest on inequality index by global body, IMF offers solution

Again, Nigeria is rated highest on inequality index by global body, IMF offers solution

- Nigeria, for the second time, has been ranked the worst country globally on inequality index

- The report was released by an international civil society group that fights against injustice known as OXFAM

- According to OXFAM's recent report, one in 10 children in Nigeria does not reach their fifth birthday, and more than 10 million children do not go to school

Nigeria has again been rated the nation with the highest inequality among its citizens by an international civil society group that fights against injustice known as OXFAM.

According to OXFAM's latest reports, Nigeria’s social spending on health, education and social protection is regrettably low, and this is indicated in very poor social outcomes for its nationals, Daily Trust reports.

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“One in 10 children in Nigeria does not reach their fifth birthday, and more than 10 million children do not go to school. Sixty percent of these are girls,” OXFAM said.

The ranking was published on Tuesday, October 9, at the annual international monetary fund and World Bank meetings in Bali, Indonesia, titled Commitment to Reducing Inequality Index (CRI Index).

The index revealed that in 2017, Nigeria witnessed increase in the number of labour rights violations. Its minimum wage has not increased since 2011 and social spending has remained stagnant.

The CRI Index further showed that there is still a strong tendency for Nigeria to raise and collect more tax, an area in which it is also scoring very badly.

OXFAM's report said: “The IMF has given clear advice on the importance of tackling inequality, referring to Nigeria’s score in the CRI Index. The president of the country has also said that tackling inequality is important, as inequality leads to political instability. Yet little has been done.”

The report also said that Denmark is topping CRI Index with the highest score. It has some of the most progressive taxation policies in the world; the best labour market policies, and its protection of women in the workplace is the best globally.

The index scored 157 nations on their policies on social spending, tax, and labour right – three areas that the group believes are critical to reducing inequality.

Other countries with high inequality ranking include;Uzbekistan-156, Haiti-155, Chad-154 and Sierra Leone -153.

Earlier, Legit.ng reported that the International Monetary Fund (IMF) on Tuesday, October 9, said the growing debt profile of Nigerian and Sub-Saharan African economies could face crisis and needs to be carefully managed.

Legit.ng gathered that Nigeria’s debt profile was N22.3 trillion as at June 30, 2018. About two-thirds of the government’s revenues go into servicing interest payments, with the principal still waiting for redemption at maturity.

The IMF also urged the country to guard against the temptation to let higher oil prices delay reforms, warning that despite the recent recovery, oil prices are projected to remain below the 2013 peak.

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Source: Legit.ng

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