Nigeria: 70 per cent windfall tax burdensome, ill-timed — Bank directors

The Bank Directors Association of Nigeria (BDAN) has urged the federal government to reconsider the recently imposed 70 percent windfall tax on profits from foreign exchange transactions by banks.

This tax, set to be enforced from 2023 to 2025, has raised significant concerns within the banking sector, particularly regarding its timing and potential impact on ongoing recapitalization efforts.

In a statement signed by BDAN Chairman Mustafa Chike-Obi, the association acknowledged the…