Who Won the U.S. Presidential Debate?

Last week, the National Assembly said President Bola Tinubu requested the amendment of the 2023 Finance Act to impose a one-time windfall tax of 50 per cent on banks’ FX gains last year but this was reviewed to 70 per cent after a two-day debate on the issue.

Checks by our correspondent showed that major commercial banks in Nigeria recorded N3.37tn in foreign exchange revaluation gains in FY 2023 and Q1 2024.

Speaking at the event held recently in Abuja, the CITN chairman decried the limited resources at the disposal of the government and said the new tax policy would bolster national revenue amid ongoing economic challenges.

“The reason for taxation is to redistribute income. Yes, the banks are doing well but if they are isolated and the real sector is not doing well, declaring losses and the government allows that to continue, what will happen in another two or three years when all the companies fold up?

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