Senate passes Finance Act amendment bill

The Nigerian senate yesterday passed the amendment bill of the 2023 Finance Act and increased the windfall levy on banks’ foreign exchange revaluation gains from 50% as proposed by the President to 70%.
The Chairman of the Senate Committee on Finance, Sani Musa read the report of the Committee on Finance before it was finally passed, stating that the levy shall be 70% of the realised profits of all exchange transactions from banks.
Any bank that fails to pay the windfall profit levy to the service, and has not executed the deferred payment agreement by 31st December 2024 shall be liable to pay a windfall levy withheld in addition to a fine of 10% of the levy withheld.
Furthermore, the senate also amended the commencement date of the amended act from 1st January 2023 to the commencement of the new foreign exchange policy after Sen. Aminu Waziri Tambuwal raised objection to the retroactive nature of the amendment.