Chief Bola Tinubu has requested Senate’s approval to access the profits banks made from forex trading in the financial year ending in 2023 by amending the 2023 Finance Act.
He stated that the funds are needed to finance major projects across key sectors of the economy.
Senate President Godswill Akpabio, on Wednesday, read a letter conveying Mr Tinubu’s request for the House to amend the Finance Act and impose a one-time windfall tax on forex gains made by banks.
“Furthermore, the proposed amendments to the Finance Acts 2023 are required to a one-time windfall tax on the foreign exchange gains realised by banks in their 2023 financial statements to fund capital infrastructure development, education, and healthcare as well as welfare initiatives, all which are components of the Renewed Hope Agenda,” Mr Tinubu said in the letter read out by Mr Akpabio.
READ MORE: 90% Of Politicians Are Cattle Rearers; Reason Tinubu Can’t Put An End To Open Grazing —Pastor Giwa
Shortly after taking office, Mr. Tinubu signed the Finance Act Order on July 6, 2023, which became effective on September 1, 2023.
Mr. Tinubu’s decision to unify the official and parallel currency exchange rates led to a sharp decline in the value of the naira, which fell to over N1,000 per dollar.
According to Peoples Gazette, as of Wednesday evening, the naira was trading at N1,615 per dollar on Aboki Forex.
First City Monument Bank (FCMB) reported significant foreign exchange gains of N84.2 billion in 2023 due to the reforms implemented by Mr. Tinubu’s government.
Follow Parallel Facts on WhatsApp Channel: https://whatsapp.com/channel/0029VaCQSAoHgZWiDjR3Kn2E
