Bank Directors Demand National Assembly Revisit Controversial 70% Windfall Tax

The Bank Directors Association of Nigeria (BDAN) has urged the National Assembly to reconsider the newly proposed 70% windfall tax on foreign exchange revaluation gains, calling it an ill-timed measure that could hamper recent recapitalisation efforts in the banking sector. Following a meeting, the group highlighted concerns over the tax's impact on banks' financial health, questioning how it will apply to both gains and losses. They also seek clarity on the specifics of what constitutes foreign exchange gains subject to taxation and its potential effects on the sector's growth and attractiveness to investors. This call for revision comes amid ongoing discussions about balancing fiscal policy with sectoral stability. Watch to understand the full implications of this tax and its potential impact on Nigeria's banking industry.
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