Foreign profit

The Senate has 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. This request was contained in a letter sent on Wednesday and read by Senate President, Godswill Akpabio. A windfall tax is a higher tax levied by the government on sectors or businesses that have disproportionately benefited from favourable market conditions. The President said the money would be part of the revenue used to fund the additional N6.2tn added to the 2024 budget. The letter was presented as an Executive bill that read in part,…