The tax will help “fund capital infrastructural development, education and healthcare access as well as public welfare initiatives all of which are essential components of the Renewed Hope Agenda,” President Tinubu said
SPECIAL REPORT: Jigawa villagers link declining farming output, urban drift to abandonment of damSPECIAL REPORT: Katsina farmers lament impact of climate changeTruth, falsehood, justice, dystopia, By Biodun JeyifoSPECIAL REPORT: Jigawa villagers link declining farming output, urban drift to abandonment of damSPECIAL REPORT: Katsina farmers lament impact of climate changeTruth, falsehood, justice, dystopia, By Biodun JeyifoThe Nigerian government is taking aim at lenders by introducing windfall...
The revenue expansion push is coming nearly ten months after a PREMIUM TIMES analysis of Nigeria’s five biggest lenders’ half-year 2023 financials revealed those banks alone earned N1.3 trillion in foreign exchange revaluation gains, 17 times bigger than that of the corresponding period of 2022. It’s essential to acknowledge that news production incurs expenses, and we take pride in never placing our stories behind a prohibitive paywall.Unfortunately, those reforms and policy shifts are pushing many businesses, especially the import-dependent ones to the brink, with some multinationals shutting down their Nigerian operations.
“We all know that banks are making huge profits. In fact, that’s why everybody is now willing to set up a bank because of huge amount of money they are getting. “There is no such tax known to the laws of this country as we speak… If I have my way, I will say that we step down the second bill which is about taxation of banks, profits of banks. We cannot grow our economy, we cannot run our government by continually taking our people, whether they are corporate citizens of Nigeria or whether they are individuals,” said Seriake Dickson, who represents Bayelsa West in the Senate.
Windfall tax receipts helped Nigeria’s African peer South Africa in 2022 to pay down debt and repair public sector infrastructures. The government hopes it could help cut public debt as a share of GDP to 69 per cent by 2024/2025 from 71.4 per cent in 2022/2023.
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