Section 77: Levy on Banks, Specialised Banks and Other Financial Institutions.

There is imposed with effect from the commencement date, on each bank, specialised bank and other financial institution in Nigeria, an annual levy, in an amount equivalent to 10 basis points (or such basis points as may, from time to time, be determined by the Bank) of its total assets as at the date of its audited financial statements for the immediately preceding financial year published under this Act, and which shall be payable on the commencement date, and on or before the 30th day of April in each subsequent calendar year following the commencement date.