The Bill & Melinda Gates Foundation has announced a record annual budget of $8.6 billion for 2024, with a significant portion dedicated to advancing health innovations globally. In the face of a global decline in health budgets, the foundation aims to drive progress in improving and preserving lives among some of the world’s most vulnerable populations.
The 2024 budget represents a 4% increase over the previous year and marks a $2 billion increase compared to the 2021 budget. The announcement comes amid a slowdown in global contributions to health in the lowest-income countries.
Co-chair of the Gates Foundation, Bill Gates, emphasized the critical role of health in shaping the future of humanity, stating, “Every day, newborn babies and young children die simply because of where they were born. Mothers die giving birth, leaving families devastated. That keeps me up at night. It’s unacceptable, particularly because we have already developed many of the solutions that could save their lives. Building a stronger, more stable world starts with good health.”
The foundation has committed to increasing its annual spending to $9 billion by 2026. It works collaboratively with the Nigerian government and other partners to address various health issues, including family planning, nutrition, and strengthening primary health care and public health systems.
In the past decade, the Gates Foundation has invested over $2 billion in Nigeria, supporting initiatives to tackle health challenges and enhance overall well-being. Co-chair Melinda French Gates emphasized that investing in global health is an investment in the future, building stronger, healthier, and more resilient communities for generations to come. She stressed the importance of recommitting to saving lives and improving livelihoods, particularly when low-income countries face numerous challenges.
