Senator Seriake Dickson, the Senator representing Bayelsa West in the 10th National Assembly has kicked against plans by President Bola Ahmed Tinubu to tax foreign exchange proceeds realised by commercial banks nationwide in their financial statements for the purpose of funding strategic national projects.
A bill, Financial Act (Amendment) Bill, 2024 was initiated at the request of President Bola Ahmed Tinubu to the National Assembly to meet clearly defined obligations of the federal government in the 2024 fiscal year.
Debating the amendment bills on Wednesday, Senator Opeyemi Bamidele explained the intent of the proposed finance legislation, noting that it was designed “to impose a one-time windfall tax on foreign gains realized by banks in their 2024 financial statements.”
