Senate approves amendment bill for finance act

The senate passed the finance act (amendment) bill, 2024 on tuesday, following the consideration and adoption of the report of the senate committee on finance presented by its chairman, sen. Sani Musa.

Presenting the report, Sen Sani Musa stated that the senate, during its plenary session on wednesday, july 17, read the letter from president bola tinubu introducing the finance act (amendment) bill, 2024.

According to him, the bill aims to amend the finance act 2023 to include provisions for the imposition of windfall tax, assessment, and review of profit declarations.

He added that the bill proposes amendments to the finance act, 2023 to impose and charge windfall tax on banks’ foreign exchange gains, with an adjustment from 50 per cent to 70 per cent as the levy charge.

He mentioned that the additional n6.2 trillion outlined in the appropriation amendment bill would be funded through a one-time windfall tax on banks’ foreign exchange profits, as approved by the national assembly and other independent revenue sources.”