Professor Adetunji Ogunyemi, an Economic History expert at Obafemi Awolowo University, supports the National Assembly’s amendment to the Finance Act 2020, introducing a windfall levy on banks’ foreign exchange profits.
Ogunyemi argues that the policy is necessary due to Nigeria’s financial challenges, and banks should see it as a contribution to national development. He emphasizes the government’s power to initiate policies to raise revenue and meet the country’s financial needs.
The expert disagrees with the Chartered Bankers Institute of Nigeria’s claim that the levy amounts to double taxation, citing illegal deductions made by banks on ATM withdrawals. He believes the levy is a form of economic stabilisation and wealth redistribution.
Ogunyemi stresses that the government has the duty to stabilise the economy and redistribute wealth, making the windfall levy a necessary measure. He encourages banks to accept the levy as a way to support national development.