Adetunji Ogunyemi, a professor at the Obafemi Awolowo University (OAU), says the windfall tax on banks’ FX gains is justified.
Adetunji Ogunyemi, a professor at the Obafemi Awolowo University , says theOn July 17, the national assembly said President Bola Tinubu requested the amendment of the 2023 Finance Act toTinubu said the windfall tax will be used to finance infrastructure projects, education and healthcare, among others., with retroactive application from January 1, 2023.in dire straits financially andOgunyemi said it is “perfectly in order” for the federal government to ask banks to pay the windfall tax.
“Therefore, if Nigeria is in dire straits and some bodies or corporate organisations, that have been feeding fat on the system, especially when that feeding fat is not directly a function of their own productthe federal government to ensure a balancing of duties and responsibilities within the system.
“Such that a resource-deficient sector of the economy can benefit from the resource-surplus part through what isme, it is perfectly in order to amend the Finance Act 2020 in order to accommodate the collection of
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