Nigeria's president asks lawmakers to approve extra $4 billion in spending
Adds details and context from paragraph 4
By Camillus Eboh
ABUJA, July 17 (Reuters) -Nigeria's President Bola Tinubu has asked the Senate to approve an additional spending of 6.2 trillion naira ($4 billion) to plug shortfalls in this year's national budget, according to a letter read to lawmakers on Wednesday.
Tinubu also sought to impose a one-off windfall tax on banks' foreign exchange gains, as his government aims to raise revenues to fund "capital infrastructure development, education, and healthcare as well as welfare initiatives."
Senators immediately started debating a bill to approve the extra spending request, which comes at a time when the government is under pressure from unions to agree on a new minimum wage amid the country's worst cost of living crisis in a generation.
Lawmakers had passed a 28.77 trillion naira budget for 2024 in December, the first full-year spending plan under Tinubu.
Tinubu's request is in line with provisions in an "Accelerated Stabilisation and Advancement Plan" (ASAP), drafted by the finance ministry with private sector executives and some economists, that aims to address challenges related to reforms aimed at boosting growth.
Last May, Tinubu axed a popular but costly subsidy on petrol and twice devalued the naira in landmark reforms cheered by investors to try to kick-start growth. But the move caused petrol prices to triple, increased transport costs and pushed inflation to a 28-year high, angering citizens.
Tinubu has faced pressure from labour unions over the rising cost of living due to his reforms, but he has vowed not to roll them back.
The president told lawmakers that 3.2 trillion naira from the extra spending will go to build "critical infrastructure projects" across the country and 3 trillion naira will fund "further recurrent expenditure requirements".
Nigeria's economy has been stuck in low gear with growth of around 3%, far short of the 6% annual expansion Tinubu targeted when he came to power last year.
Tinubu has asked his economic management team to prepare a 2 trillion naira stimulus plan to address concerns about food supplies, and bolster key sectors such as energy, health and social welfare.
($1 = 1,555.0000 naira)
Additional reporting by Felix Onuah; Writing by MacDonald Dzirutwe and Elisha Bala-Gbogbo; Editing by Hugh Lawson, Alexandra Hudson and Angus MacSwan
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
