Nigeria's President proposes a one-time windfall tax on banks' foreign exchange gains to fund infrastructure, education, and healthcare.

Nigeria's banking sector has reported substantial profits, prompting discussions on their role in national development, particularly in addressing the nation's poor infrastructure, healthcare, and education. President Bola Ahmed Tinubu has proposed a one-time windfall tax on banks' foreign exchange gains to fund capital infrastructure development, education, and healthcare access, as well as public welfare initiatives. If approved, the windfall tax could redirect revenue to address Nigeria's pressing needs, potentially boosting infrastructure financing and improving overall quality of life and economic potential.

August 21, 2024
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