By Daniel Peters
The Minister of Finance & Coordinating Minister of Economy, Mr Wale Edun, has appeared before the joint Senate and House of Representatives Committee on Finance to discuss the crucial amendment of the Finance Bill, 2024.
The proposed legislation seeks to revise the Finance Act, 2023, to ensure that the general public receives a portion of the windfall profits generated by banks.
Mr Edun, who was accompanied by
Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Services (FIRS), in his remarks, clarified that the levy focuses on the realised gains from banks’ foreign exchange balances.
He explained that the measure is a legitimate way for the Federal Government to generate revenue.
“These funds will be allocated to support capital infrastructure development, education, healthcare access, and public welfare initiatives, aligning with the Renewed Hope agenda of President Tinubu”, he stated.
The meeting is expected to continue today, Tuesday, July 23, 2024.
