By Daniel Peters, Abuja
The Minister of Finance & Coordinating Economy, Mr Wale Edun will again appeared before the joint Senate and House of Representatives Committee on Finance to explain the need for the amendment to the 2024 Finance Bill.
The meeting which began yesterday before the lawmakers is expected to throw more lights on the crucial amendments.
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.
