On Wednesday, the Senate deliberated on amendments to the 2023 Finance Act, focusing on taxing foreign exchange gains reported by banks to fund national projects. The Senate also reviewed a bill to amend the 2024 Appropriation Act, proposing an increase in public expenditure from ₦28.7 trillion to ₦34.9 trillion, marking a 21.6% rise.

Senate Leader, Senator Opeyemi Bamidele, introduced the bills, which received widespread support from senators due to the country’s current socio-economic conditions. The proposed amendments include a one-time windfall tax on banks’ foreign gains to boost funding for infrastructure, education, healthcare, and welfare programs under President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Senator Adamu Aliero, Chairman of the Senate Committee on Land Transport, emphasized the urgent need for additional funds to address the upcoming minimum wage legislation, warning of potential public outcry and strikes if not addressed. Conversely, Senator Seriake Dickson, Chairman of the Senate Committee on Ecology and Climate Change, opposed the taxation, citing the current economic depression and the ongoing recapitalization efforts by banks.

Despite Dickson’s objections, the majority of senators supported the bill, which was subsequently read for the second time and referred to the Senate Committee on Appropriations for further review.

Regarding the 2024 Appropriation Act amendment, Senate President Godswill Akpabio read a letter from President Tinubu requesting an additional ₦6.2 trillion in government spending for the 2024 fiscal year. The proposed allocation includes ₦3.2 trillion for infrastructure projects and ₦3 trillion for recurrent expenditures.

President Tinubu’s letter stated, “Pursuant to section 58 (2) of the Constitution of the Federal Republic of Nigeria as amended, I forward herewith the above-named bills for consideration and passage by the Senate.”