The federal government says the proposed 50 percent windfall tax on banks’ foreign exchange gain in 2023 would be a recovery plan to balance the country’s economy. The Chairman of the Federal Inland Revenue Service, Zacch Adedeji disclosed this on Monday at the Senate Committee on Finance, in the company of the Minister of Finance, Wale Edun. He noted that while the banking sector declared FX gains, the manufacturing sector lost N1.7 trillion when the Naira was floated in 2023 at the FX market. “What we are not taking into consideration in this conversation is the fact that we are focusing onl…