Nigeria’s President Bola Tinubu has requested an additional 6.2 trillion naira ($4 billion) in funding from the Senate to address shortfalls in this year’s national budget. This request was conveyed through a letter read to lawmakers on Wednesday.
President Tinubu also proposed a one-off windfall tax on banks’ foreign exchange gains as part of his administration’s strategy to increase revenue. The funds are intended to support “capital infrastructure development, education, and healthcare, as well as welfare initiatives.”
The Senate promptly began debating a bill to approve the new funding request. This request comes at a critical time when the government is facing significant pressure from unions to establish a new minimum wage, amid the country’s most severe cost of living crisis in a generation.
