The National Assembly on Tuesday passed proposed amendment to the Finance Act which seeks to impose 70% levy on Banks’ windfall forex profits in 2023.
The passage of the Finance Act (amendment) Bill followed the consideration of the report of the Joint National Assembly Committees on Finance by both chambers during plenary.
The report was presented by the Chairman, Senate Committees on Finance, Sani Musa, to the red chamber and his counterpart in the House, James Faleke.
The Joint Committee in the report, observed “that the banks enjoyed windfall because of exchange rate unification policy of the Federal Government.
“That the windfall was because of FX allocation to selected Commercial Banks. The policy does not permit the use of windfall for dividend payments.”
They recommended “that the application of the provision of Section 30 of the Principal Act shall take effect from 1st January 2023.
“The levy shall be 70% (for federal government and 30% for banks) on the realised profits from all exchange transactions of Banks.”
