On Tuesday, the Senate passed the Finance Act (Amendment) Bill, 2024, following the consideration and adoption of the report presented by Sen. Sani Musa, Chairman of the Senate Committee on Finance.
Presenting the report, Musa explained that the Senate had read President Bola Tinubu’s letter presenting the Finance Act (Amendment) Bill, 2024, during the plenary session on Wednesday, July 17. The bill aims to amend the Finance Act, 2023, to include provisions for the imposition of a Windfall Tax and the assessment and review of profit declarations.
Musa noted that the bill seeks to impose a windfall tax on banks’ foreign exchange gains, increasing the levy charge from 50 percent to 70 percent. The additional N6.2 trillion in the Appropriation Amendment Bill will be financed by this one-time windfall tax on banks’ foreign exchange profits, as approved by the National Assembly and other independent sources of revenue.
