President Bola Ahmed Tinubu has held a closed-door meeting with leaders of Nigeria’s commercial banking sector to discuss the newly imposed windfall tax.
The meeting, led by Finance Minister Wale Edun, included prominent bankers such as Tony Elumelu and Ladi Balogun.
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The windfall tax, introduced by Tinubu in mid-July, targets significant foreign exchange gains reported by banks in 2023. The tax is intended to generate revenue for key infrastructure, education, and healthcare projects.
Edun said, “As we know, the banking system has enjoyed some windfall or unearned profits, and in the interest of distributing wealth across Nigerian society, the government has stepped in to take some of that wealth on behalf of Nigerians.”
Bankers sought clarifications on the levy and expressed their support for the government’s efforts to alleviate poverty and promote economic growth.
Elumelu highlighted the importance of creating jobs and democratizing prosperity, while Balogun emphasized the banking sector’s role in aligning with the government’s reform agenda.
Balogun said, “We believe that this government and this administration are very much pro-investment and pro-growth, and they demonstrated that by listening to the concerns of the industry.”
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