Universal health coverage (UHC) has been proposed by the World Health Organisation as a viable means to ensure equitable distribution of health services to prevent catastrophic health expenditure particularly amongst the poor and vulnerable in the society. Available literature has suggested that out-of-pocket expenditure was the predominant means of financing health care in Nigeria and as a result many households were either not consuming enough medical care or might be experiencing catastrophic health expenditure. Nigeria as a country is still struggling with the provision of adequate basic health services for the people. This article explored the concept of UHC and its basic tenets to look at the present realities in the Nigerian health sector, with particular emphasis on system of health care financing. Literature revealed that a large percentage of Nigerians particularly women and children are still suffering from preventable diseases, OOP is still very high and government is committing less than 15% of its annual budget to health financing. Since government cannot be expected to fund health care for everyone, the study recommends a publicly governed, mandatory financing mechanisms (general taxation and social health insurance contributions) that compels wealthier and healthier members of society to subsidise the poor and the vulnerable.