Representatives of Nigeria’s banking sector met with President Bola Tinubu at the State House in Abuja to seek clarifications on the recently imposed windfall levy. The delegation included Finance Minister and Coordinating Minister of the Economy, Wale Edun; Chairman of the United Bank for Africa (UBA), Tony Elumelu; and Group Chief Executive Officer (GCEO) of the First City Monument Bank (FCMB), Ladi Balogun.

After the meeting, Edun informed the press that the bankers sought details on the tax regime, particularly the windfall levy passed by the National Assembly. The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, explained the government’s intent to simplify the tax system, focusing on taxing profits while allowing companies’ capital to grow.

Edun described the meeting as amicable, knowledge-based, and data-driven, highlighting the bankers’ support for the President’s macroeconomic reforms.

He stated: “Mr. Tony Elumelu of UBA and Mr. Ladi Balogun of FCMB, among others, sought an audience with the President. We discussed the banking system’s importance in encouraging investments and foreign direct investment. They wanted clarifications on the windfall levy recently passed by the National Assembly. Chairman of FIRS explained the government’s goal to simplify the tax regime, focusing on profits rather than capital.”

Edun further explained that the government intends to distribute some of the windfall profits enjoyed by the banking system to benefit the broader Nigerian society. He emphasized that the discussion was amicable and data-driven, with the President understanding and appreciating the bankers’ perspectives.

Elumelu expressed the need to democratize prosperity for Nigerians, supporting the windfall levy aimed at alleviating poverty. He stressed the importance of mutual prosperity where businesses thrive, jobs are created, and investors benefit, leading to a happier society.

“We believe in prosperity, creating jobs, and ensuring Nigerians have access to a good life. We support the government’s windfall tax, which aims to alleviate poverty,” Elumelu stated.

Balogun expressed confidence that the current administration would continue to support all stakeholders, promoting growth and investment. He emphasized the banking sector’s role in channeling gains back into the economy and praised the administration’s pro-investment and pro-growth stance.