House of Reps Approves FG’s Plans To Remove N2trn from Access, UBA, Zenith, Other Banks Accounts [Video]

• The House of Representatives has passed a bill to impose a Windfall Tax on commercial banks that benefited from CBN subsidies
• The government is looking to increase its non-oil revenue and has its eye set on commercial banks’ foreign exchange (forex) gains
• There are concerns that the new tax targeted at commercial banks will be transferred to bank customers

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The House of Representatives has passed a bill to impose a Windfall Tax on commercial banks profiting from the Central Bank of Nigeria’s (CBN) foreign exchange subsidies.

The move is part of a broader effort to amend the Finance Act 2023 to raise revenue and checkmate forex volatility.

Reps pass bill on windfall tax

Speaking on a bill titled “An …