The Senate, on Tuesday, passed the Finance Act (Amendment) Bill, 2024.

This followed the consideration and adoption of the Senate Committee on Finance report presented by its chairman, Sani Musa.

Presenting the report, Mr Musa said that at the plenary session on July 17, the Senate read the letter of President Bola Tinubu presenting the Finance Act (Amendment) Bill, 2024.

He said the bill sought to amend the Finance Act 2023 to provide for the imposition of windfall tax, assessment, and review of profit declarations.

He added that the bill sought to amend the Finance Act of 2023 to impose and charge windfall tax on banks’ foreign exchange gains, but with an amendment from 50 per cent to 70 per cent as the levy charge.

Musa said that the additional N6.2 trillion contained in the Appropriation Amendment Bill would be financed by the one-time windfall tax on banks’ foreign exchange profits.

“This is as approved by the National Assembly and other independent sources of revenue,” stated the senator.

(NAN)