Senator Dickson kicks against Tinubu’s plans to tax banks’ foreign gains

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.”

The windfall tax, according to the senate leader, will be used to fund capital infrastructure development, education, and health care access as well as public welfare initiatives to give sound and solid footing to the Renewed Hope Agenda of President Tinubu.

READ ALSO:Tinubu mandates Presidential Council to strengthen economy

However, in his argument, Dickson, the Chairman, Senate Committee on Ecology and Climate Change, opposed the bill arguing that the economy is currently too depressed to allow for more taxation.

He warned that the Senate should not pass the bill in a hurry to avoid pitfalls.

He recalled the backlash from the public over a bill he said was previously passed in a hurry, noting that legislators should avoid public ridicule in the handling of legislative activities.

Dickson said: “Let’s step down the taxation on banks for wider consultation. We cannot run our government by continuously taxing people and organisations. We should be cautious because we are managing a depressed economy, even the banks are still battling with recapitalization.”

By: Babajide Okeowo

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