Lawrence Olaoye 
…we want prosperity democratized, support govt on levy, says Elumelu
…we’re confident of govt’s support for economic growth-Balogun
Bankers’ representatives in the country have met formally with President Bola Tinubu to seek clarifications on the recently imposed Windfall Levy.
Finance Minister and Coordinating Minister of the Economy, Wale Edun, as well as the team, including the Chairman of the United Bank for Africa (UBA), Tony Elumelu, and the Group Chief Executive Officer (GCEO) of the First City Monument Bank (FCMB), Ladi Balogun, held a crucial meeting with the President at the Presidential Villa yesterday.
Addressing newsmen after the meeting, Finance Minister, Edun, disclosed that the banker’s representatives requested details of the tax regime, particularly the Windfall Levy, passed by the National Assembly.
According to him, the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, explained the government’s intention to simplify the tax regime, focus on taxing profits, and leave companies’ capital alone to grow.
The discussion also centred on the banking system’s windfall profits and the government’s decision to distribute wealth across Nigerian society.
Edun described the meeting as amicable, knowledge-based, and data-driven, with the President, an accountant and financial expert, actively engaged in the discussion.
He stated that the bankers were expected to share their perspective on the outcome, which included assurance on all sides and support for the President’s macroeconomic reforms.
“Two top bankers, Mr Tony Elumelu of UBA and Mr Ladi Balogun of FCMB wanted to have a meeting) with Mr President in the company of, amongst others, the chairman FIRS, and special advisor to Mr. President on revenue, Mr. Zacch Adedeji. We sat and talked about the importance of the banking system and the importance of the financial system as a whole at this critical time for encouraging investments, portfolio investments, into the stock market and government securities, as well as foreign direct investment.
“Of course, we know at this time that the banking system is raising money. They’re selling shares, they’re giving people the opportunity to participate in their wealth, and that includes foreign investors.
“So it’s against that background that Mr. Elumelu and Mr. Balogun wanted some clarifications, particularly on the windfall levy that has just been passed by the National Assembly.
“The Chairman of FIRS gave some insight, particularly into the fact that under President Bola Ahmed Tinubu, the idea is to simplify the tax regime, as much as possible, make it more efficient and less costly for people to even file their taxes and critically to focus on the wealth that’s created, not to focus on the companies that maybe are not doing so well, or to focus on their capital, to leave their capital alone, to grow and make sure that the emphasis is on taxing and levying only the returns, only the profits.
“In this particular case, as we know, the banking system has enjoyed some, what we’ll call windfall or on-hand profits and in the interest of distributing wealth across the Nigerian society, the government has stepped in to take some of that wealth on behalf of Nigerians.
“So that was what the discussion was all about. It was very amicable and it was a very knowledge-based and data-driven discussion, which Mr. President as a financial man, and as an accountant, easily understood, followed, and appreciated.
“I think the bankers themselves will give what they see as the outcome because it wasn’t just one item, it was assurance on all sides. They explained the extent to which Mr. President’s macroeconomic reforms are being supported and are being accepted by, not just Nigerian investors, but the international community. So on that note, over to the bankers”.
