Representatives of Nigeria’s banking sector met with President Bola Ahmed Tinubu to seek clarifications on the recently imposed Windfall Levy. The Bank Chief Executive Officers (CEOs) convened at the State House in Abuja on Thursday.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, led the delegation, which included prominent figures such as 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.
After the meeting, Minister Edun briefed State House correspondents, explaining that the bankers sought insights into the tax regime, particularly the Windfall Levy, passed by the National Assembly. The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, clarified that the government’s intention is to simplify the tax system, focus on taxing profits, and allow companies’ capital to grow.
The discussion revolved around the banking system’s windfall profits and the government’s decision to distribute wealth more equitably across Nigerian society. Edun described the meeting as amicable, knowledge-based, and data-driven, highlighting President Tinubu’s active and expert engagement in the discussion.
The bankers expressed their perspectives on the outcome, which included mutual assurances and support for the President’s macro-economic reforms.