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Use Windfall Tax Judiciously, CITN Tells Govt

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The Chartered Institute of Taxation of Nigeria has urged the Federal Government to ensure the judicious use of the windfall tax imposed on the financial sector, stressing that mismanagement of the funds might lead to public mistrust.

The President of CITN, Samuel Agbeluyi, disclosed this at the 4th Joint Council Retreat organised by the Association of National Accountants of Nigeria and the Chartered Institute of Taxation of Nigeria.

Last week, the National Assembly said President Bola Tinubu requested the amendment of the 2023 Finance Act to impose a one-time windfall tax of 50 per cent on banks’ FX gains last year but this was reviewed to 70 per cent after a two-day debate on the issue.

Checks by our correspondent showed that major commercial banks in Nigeria recorded N3.37tn in foreign exchange revaluation gains in FY 2023 and Q1 2024.


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