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On Monday, key figures from Nigeria’s banking sector met with President Bola Tinubu at the State House in Abuja to seek clarification on the newly introduced Windfall Levy by the National Assembly.
Attendees included Wale Edun, Minister of Finance and Coordinating Minister of the Economy; Tony Elumelu, Chairman of United Bank for Africa (UBA); Ladi Balogun, Group Chief Executive Officer (GCEO) of First City Monument Bank (FCMB); and Zacch Adedeji, Special Adviser to the President on Revenue.
After the meeting, Edun informed journalists that the discussions focused on understanding the details of the Windfall Levy, particularly its implications for the banking sector. He highlighted that Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), clarified the government’s objective to simplify the tax system by concentrating on taxing profits rather than impacting companies’ capital growth.
Edun described the meeting as constructive and data-driven, with President Tinubu, an accountant and financial expert, actively participating in the dialogue. He noted that the discussion addressed concerns about the impact of the levy on the banking sector’s current fundraising activities, including share sales and foreign investments.
Elumelu echoed the need for equitable prosperity and supported the Windfall Levy as a means to alleviate poverty. He emphasized that the levy should contribute to societal well-being without harming the growth of businesses or the creation of jobs.
Elumelu stated, “We support the government’s aim to use extraordinary profits to address poverty, while ensuring that businesses continue to thrive and contribute to job creation. It’s important that prosperity is shared widely, benefiting both local and foreign investors and leading to a more equitable society.”
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