A global credit rating firm, Agusto & Co, has raised concerns about the newly introduced 70 percent tax on banks’ foreign exchange windfall, calling it a short-term solution with potential long-term risks. President Bola Tinubu requested the Senate to amend a portion of the Finance Act 2023 to allow the government to impose a 50 percent tax on the foreign exchange profits of banks.
In other news, the Nigerian Navy Ship (NNS) BEECFROFT handed over 85 bags of illicit substance suspected to be cannabis sativa to the National Drug Law Enforcement Agency (NDLEA). Meanwhile, Abuja residents are stockpiling food and medicines ahead of the nationwide #EndBadGovernance protest starting from August 1 to 10, aimed at addressing economic hardships and corruption.
Additionally, a tragic incident occurred in Niger State where a young man allegedly killed his father and buried him in the compound. The Akure Youths Forum also announced plans to recall the lawmaker representing Akure South/North Federal Constituency, Hon. Derin Adesida, due to alleged non-performance.