Nigerian President Tinubu proposes a one-time windfall tax on banks' FX gains to fund infrastructure, education, healthcare, and welfare.
Nigerian President Bola Tinubu has asked the National Assembly to amend the 2023 Finance Act to impose a one-time windfall tax on banks' foreign exchange gains, aiming to raise funds for capital infrastructure development, education, healthcare, and welfare projects. The proposed tax comes after banks recorded over ₦2 trillion in FX gains in the first nine months of 2023, following the Central Bank's decision to float the naira and unify the exchange rate markets.
July 17, 2024
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