By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Daily Report NigeriaDaily Report NigeriaDaily Report Nigeria
Notification Show More
Font ResizerAa
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Reading: FG to Implement 50% Tax on Banks’ FX Profits
Share
Font ResizerAa
Daily Report NigeriaDaily Report Nigeria
  • METRO
  • NEWS
  • POLITICS
  • SPECIAL REPORT
  • FACT FILE
Search
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Have an existing account? Sign In
Follow US

Home | FG to Implement 50% Tax on Banks’ FX Profits

Business

FG to Implement 50% Tax on Banks’ FX Profits

Olaitan Sodiq
Olaitan Sodiq
Published: June 10, 2025
Last updated: June 10, 2025
2 Min Read
Share
Tinubu Approves N35,000 Provisional Wage Award for Workers
President Bola Tinubu
SHARE

The Nigerian government has announced plans to implement a 50% tax on the profits banks earned from foreign exchange revaluation in 2023, in order to fund an increase in workers’ minimum wage.

This was disclosed by President Bola Tinubu in a proposed change to the 2023 Finance Act, submitted to the National Assembly for approval.

“The government intends to implement a 50 percent tax on the profits that banks earn from foreign exchange revaluation in the year 2023,” said Imran Muhammed, an All Progressives Congress member.

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

“There shall be levied and paid to the benefit of the Federal Government of Nigeria a tax of 50 percent on the realized profits from all foreign exchange transactions of banks within the 2023 financial year.”

The proposed tax is part of a N6.2 trillion 2024 supplementary budget, which includes N3 trillion recurrent expenditure and N3.2 trillion capital expenditure. The N3 trillion recurrent expenditure is expected to tackle the country’s minimum wage impasse.

READ ALSO: JUST IN: FG to Introduce New Curriculum for Secondary Schools by September

The Central Bank of Nigeria’s decision to float the Naira at the foreign exchange market on June 14, 2023, led to the devaluation of the country’s currency, necessitating this move.

The government’s plan to implement a windfall tax on foreign exchange gains by Nigerian banks aims to ensure that the benefits of the devaluation are shared fairly among all stakeholders.

 

For publication of Press Releases, Statements, and Advert Inquiries, send an email to info@dailyreport.ng
TAGGED:FG
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Updates

UNN Student Kidnapped While Jogging Inside Campus, N10m Ransom Demanded | Daily Report Nigeria
UNN Student Kidnapped While Jogging Inside Campus, N10m Ransom Demanded
Metro
UFC: Jon Jones Announces Retirement, Aspinall Takes the Crown | Daily Report Nigeria
UFC: Jon Jones Announces Retirement, Aspinall Takes the Crown
Sports
Brake Failure Blamed As Container Truck Crushes Driver in Lagos | Daily Report Nigeria
Brake Failure Blamed As Container Truck Crushes Driver in Lagos
Metro
Atiku Meets Obasanjo, Shettima, El-Rufai, Others | Daily Report Nigeria
Atiku Meets Obasanjo, Shettima, El-Rufai, Others
Politics
anabolizantes originales 12
! Без рубрики

TOPIC

2023 Elections Abuja Accident AFCON Anambra APC Arrest ASUU ASUU Strike Atiku Abubakar Bandits Bayelsa BBNaija Biafra Boko Haram Bola Ahmed Tinubu Bola Tinubu Breaking News Breaking News Nigeria Burna Boy Burutu CBN Celebrity news Chelsea Coronavirus court covid-19 Crime Daily Report Ng Daily Report Nigeria Daily Sports News Davido Delta Delta state DSS Education EFCC Elections English Premier League EPL Family federal government FG FIFA World Cup Football Fraud Godwin Emefiele Goodluck Jonathan Governor Nyesom Wike Gunmen Health Ifeanyi Okowa Imo INEC Insecurity IPOB IYC JAMB Kaduna Kidnap Labour Party Lagos Lagos State Manchester United Marriage Muhammadu buhari Music NASS NDDC NDLEA Niger Delta Nigeria NLC Nnamdi Kanu NNPC Nollywood Nyesom Wike Olusegun Obasanjo Pastor PDP Peter Obi Police Politicians President Bola Ahmed Tinubu President Muhammadu buhari Professor Yemi Osinbajo Protest Rape Reno Omokri Rivers State Senate Sheriff Oborevwori Social Media Suicide Super Eagles Tinubu Top Stories Twitter Victor Osimhen Zamfara

You Might Also Like

JUST IN: Tinubu Bans Homosexuality, Owning Private Bussines, Others In Military
News

FG Reveals Date for Next Census

June 15, 2025
Benin Republic Ready To Be Nigeria's '37th State', FG Declares | Daily Report Nigeria
News

Benin Republic Ready To Be Nigeria’s ’37th State’, FG Declares

June 13, 2025
Nigerian Exchange Emerges Number One in Africa | Daily Report Nigeria
Business

Nigerian Exchange Emerges Number One in Africa

June 2, 2025
Nigerians Reap Benefits Of CNG, Save Up To N36,000 Weekly | Daily Report Nigeria
Business

Nigerians Reap Benefits Of CNG, Save Up To N36,000 Weekly

June 8, 2025
© Daily Media N Publishing LTD. All Rights Reserved.
  • Home
  • About Us
  • Adverts With Us
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?