A Professor of Economic History at the Obafemi Awolowo University, Ile Ife, Adetunji Ogunyemi, speaks on the amendment of the Finance Act 2020 by the National Assembly to accommodate windfall levy on banks’ profits on foreign exchange transactions.
The lawyer, public finance expert submits that the policy is perfectly in order, asking banks to see it as contribution to national development. Excerpts: The windfall levy generated some debate in the polity with government justifying it as the right thing to do in order to strike a balance in the key sectors of the economy. How justified is this levy on banks’ foreign exchange gains? Nigeria is currently in dire straits financially and generally speaking economically.
However, if government pumps the money fromthe windfall tax specifically into certain projects, for example, the Sokoto-Badagry Highway, the coastal road, the Port Harcourt-Maiduguri railway, etc, it is going to be absolutely correct. It can also be used for industrial development through the Bank of Industry or specifically into some agricultural projects such as dam development and so on. These are the specific areas the money can be channelled into.
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