Senate passes Finance Act amendment Bill

The Senate, on Tuesday, passed the Finnace Act (amendment) Bill, 2024.

This followed the consideration and adoption of the report of the Senate Committee on Finance presented by its Chairman, Sani Musa.

Presenting the report, Mr Musa said the Senate at the plenary session on Wednesday, 17 July, read the letter of President Bola Tinubu presenting the Finance Act (Amendment) Bill, 2024.

The bill, he said, sought to amend the Finance Act 2023 to provide for the imposition of Windfall Tax, assessment and review of profit declarations.

He added that the bill sought to amend the Finance Act 2023 to impose and charge windfall tax on banks’ foreign exchange gains, but with an amendment from 50 to 70 per cent as the levy charge.

Mr Musa said the additional N6.2 trillion contained in the Appropriation Amendment Bill would be financed by the one-time windfall tax on banks’ foreign exchange profits.

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“This is as approved by the National Assembly and other independent sources of revenue.”

Last week, President Bola Tinubu requested that the Finance Act 2023 be amended to impose and charge windfall tax on banks and provide for tax administration and related matters.

(NAN)