The Federal Government is set to collect over 425 Billion Naira from seven banks as a one-time windfall tax on their foreign currency revaluation gains for the 2023 financial year.
Recall that last Wednesday, the senate approved president Bola Tinubu’s request to amend the finance act to impose a one-time windfall tax on banks’ foreign exchange profits in 2023.
However, a windfall tax is a higher tax levied by the government on sectors or businesses that have benefited from favorable market conditions.