The National Assembly on Wednesday passed for second reading an Executive Bill seeking to tax the windfall made by banks from foreign exchange business.
The proposal is an amendment to the Finance Act of 2023.
The one-time tax will be used to finance capital infrastructure development, education, healthcare and other welfare initiatives, according to the Federal Government.
President Tinubu asked the lawmakers to amend the Finance Act of 2023 to tax windfalls by banks from foreign exchange.
“Furthermore, the proposed amendments to the Finance Acts 2023 are required for a one-time windfall tax on the foreign exchange gains realised by banks in their 2023 financial statements to fund capital infrastructure development, education, and healthcare as well as welfare initiatives, all of which are components of the Renewed Hope Agenda,” he stated.
