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The Nigerian Senate has approved the amendment bill of the 2023 Finance Act and raised the windfall levy on banks’ foreign exchange revaluation gains from 50% to 70%, which was proposed by the President.
The Chairman of the Senate Committee on Finance, Senator Sani Musa, presented the committee's report before it was passed.
Senator Musa explained that the levy would be 70% of the profits from all exchange transactions from banks.
He said any bank that fails to pay the windfall profit levy by 31st December 2024 would face penalties, including a fine and interest.
Additionally, the Senate adjusted the commencement date of the amended act and extended the timeline for the application of the windfall levy.
The President of the senate called for the motion for the third reading, and the bill was passed.
