ADVERTISEMENT
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Tuesday, October 7, 2025
NewsOnline Nigeria
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
NewsOnline Nigeria
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
ADVERTISEMENT
Home Economy And Business

Bank Directors Beg National Assembly To Reconsider 70% Windfall Tax

After its meeting, the group stated this in a statement where it called on the National Assembly to engage in constructive discussion while revisiting the amendments.  

by NewsOnline Nigeria
August 13, 2024
in Economy And Business, Top Stories
0
Bank Directors

Bank Directors have urged the National Assembly to reconsider the 70% Windfall Tax.

 

NewsOnline Nigeria reports that the Bank Directors Association of Nigeria, (BDAN) has called on the National Assembly to revisit the 70% windfall tax amendment on the finance act saying it is ill-timed and burdensome in light of recent recapitalisation efforts in the banking sector.  

 

After its meeting, the group stated this in a statement where it called on the National Assembly to engage in constructive discussion while revisiting the amendments.  

 

ALSO: FG Releases JSS1 Admission List Into Unity Colleges

 

The group in the statement also sought further explanation on what constitutes the FX gains to be taxed and how the federal government plans to address banks which record losses rather than profits.  

 

It stated, “is excessively burdensome and ill-timed, particularly considering the ongoing bank-recapitalization efforts,” 

“We respectfully urge the National Assembly to revisit these amendments and engage in constructive discussion.” 

“Such a high levy has the potential to stifle growth and innovation within the banking sector,”  

 

“We also request clarification on what constitutes foreign-exchange transactions to be taxed and the treatment of banks that may incur losses rather than gains,” 

NewsOnline Nigeria reported that last month, the federal government sent an amendment to the 2023 Finance Act which introduced a 50% windfall tax on the foreign exchange revaluation gains by Nigerian banks.  

 

According to the Federal government, funds from the windfall tax will be used to fund infrastructure projects across the country as well as social intervention programs in the 2024 budget.  

 

The National Assembly upon deliberation on the bill increased the windfall levy to from the proposed 50% to 70% of banks’ foreign exchange revaluation gains until 2025. 

ADVERTISEMENT
Previous Post

BREAKING: FG Begins Implementation Of Naira Crude Sales Initiative For Local Refineries

Next Post

Dangote Refinery Speaks On Fixing Petrol Price At N600

Next Post
Dangote Refinery

Dangote Refinery Speaks On Fixing Petrol Price At N600

Trending Stories

No Content Available

Latest Stories

President Trump

President Trump to Host Historic UFC Event at the White House on His 80th Birthday

Wike

Wike Confirms Implementing Tinubu’s Vision to Make Abuja Compete with Global Cities

Arewa Consultative Forum southwest chapter's executive committee members

ACF Southwest Chapter Re-Elects Executives for Second Term After Vote of Confidence in Ogbomoso

Cooking Gas Price

BREAKING: Cooking Gas Price Soars To All Time Record High Amid Scarcity

May Edochie Reveals She Met Yul at a GCE Centre

Daddy Freeze Reveals He Married His Ex-Wife Because She Got Pregnant

2025 U-20 World Cup: Sani Says Determination Helped Flying Eagles Secure Draw Against Colombia

Seyi Shay: Wizkid Showed Me How to Navigate the Music Industry

BBNaija: How Imisi Emerged Winner of 10/10 Season Through Viewers’ Votes

BBNaija 10: Delta Governor’s Aide Threatens Legal Action Over Dede’s Defeat to Imisi

ADVERTISEMENT

NEWSONLINE NIGERIA

Get the Latest Naija News, Breaking News, Top Stories, World News, Business, Politics & Entertainment from NewsOnline Nigeria.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

ALERT US

Important Press Releases, Special Investigations: [email protected]

OFFICE ADDRESS

13 Poland Street, London, United Kingdom (UK)

Copyright © 2025 NewsOnline Nigeria

No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports

Copyright © 2023 Newsonline Nigeria