Representatives of leaders of Nigeria’s banking sector have met with President Bola Ahmed Tinubu to seek clarifications on the recently imposed Windfall Levy.
The Bank Chief Executive Officers (CEOs) met with the President at the State House, Abuja, Nigeria’s capital on Thursday.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, led the team, which included; the Chairman of the United Bank for Africa (UBA), Tony Elumelu; the Group Chief Executive Officer (GCEO) of the First City Monument Bank (FCMB), Ladi Balogun and the Special Adviser to the President on Revenue, Zacheus Adedeji.
Speaking to State House Correspondents after the meeting, the Minister of Finance, Edun, said that the bankers sought insights into the tax regime, particularly the Windfall Levy, passed by the National Assembly.
He added that the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, explained that the government’s intention is to simplify the tax regime, focus on taxing profits, and leave companies’ capital alone to grow.
The discussion centered on the banking system’s windfall profits and the government’s decision to distribute wealth across the Nigerian society.
Edun described the meeting as amicable, knowledge-based, and data-driven, with President Tinubu, a financial expert, actively engaging in the discussion.
The bankers shared their perspective on the outcome, which included assurance on all sides and support for the President’s macro-economic reforms.
Editor: Ken Eseni
