He said, “I have read the personal views of some bank chairmen on the windfall tax issue. Those views do not represent the banking community. BDAN will communicate its views after our board meeting on the 12th(August), on this and other very important issues concerning our community.”
In the past week, at least three bank chiefs had expressed support for the move by the FG to impose a 70 per cent windfall tax on the foreign exchange earnings of banks from 2023 to 2025.
In a statement on Wednesday, the Chairman of FBN Holdings, Femi Otedola, said that the revenue generated from the forex segments harmonisation policy implemented in June 2023 could be channelled into essential public services, such as healthcare, education, and infrastructure, benefiting all citizens and helping to reduce social inequalities.
He stated, “The recent announcement of a windfall tax on the extraordinary profits earned by Nigerian banks is a significant first step towards achieving these goals. The consolidation of various foreign exchange rate systems into a single investors’ and exporters’ window led to the depreciation of the naira and substantial increases in the value of bank assets denominated in United States dollars.
“This extraordinary gain should be redistributed to fund critical infrastructure development, education, healthcare access, and public welfare initiatives, addressing the intense pressure on public finances and alleviating the cost-of-living crisis many Nigerians face.”
