Senate passes Finance Act amendment bill
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)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Nasarawa govt., partners to distribute 1.8 million mosquito nets to residents
Mr Gaza said the exercise was part of renewed efforts by the government to combat malaria and protect residents.
NationWide
APC names Yari, Alake, Idris as only campaign council spokespersons
According to the statement, all previously announced spokespersons will now be absorbed into the media directorate.
States
Kaduna WEE Policy: Group seeks N5 billion allocation in 2027 budget
The director noted that effective implementation would help address economic and socio-cultural barriers confronting women.
Economy
Tax expert seeks independent agency to strengthen revenue accountability
He advocated the introduction of taxation studies into senior secondary schools and tertiary institutions.
States
ADC no threat to Tinubu’s re-election: NPA Chairman
Mr Adeyeye said Mr Atiku’s problems were worsened by a lack of support from his home state.
States
Newly inaugurated five Lagos CNG stations to fuel 8,400 vehicles daily, says MDGIF
Mr Adama urged transport operators, fleet owners, businesses and public institutions to take advantage of the facilities.
