News
One-off windfall tax on banks forex profit, creative revenue initiative for capital projects -TMSG
Joel Ajayi
The one – off windfall tax policy on profits made by banks on foreign exchange revaluation by the President Bola Tinubu administration has been described as a product of ingenuity and creativity.
The Tinubu Media Support Group (TMSG) which made this assertiom said that only a creative mind like President Bola Tinubu could come up with this innovation of one-off windfall tax on profits made by banks from foreign exchange revaluation of 2023.
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group added that the government’s decision to deploy proceeds from the tax to infrastructure development is a good way of getting the banks to give back to the society and participate more concretely in national development.
Going down the memory lane, the TMSG recounted that When the Central Bank of Nigeria (CBN) unified the multiple foreign exchange rates last year, it was clear to every discerning Nigerian that commercial banks in the country would make a tidy profit from the policy.
“So it was not a surprise that many of the banks which barely made N5bn in foreign exchange gains in 2022 were posting profits as high as N26bn in their financial statements in the subsequent year.
For example, one of Nigeria’s biggest commercial banks holding company posted a revaluation gain of N441.79bn last year, far outsripping a meagre N57.94bn it recorded in 2022.
“We also have it on good authority that nine of Nigeria’s top banks made over N2tn in the first nine months of 2023 after the CBN floated the naira but the good thing is that they were open enough to declare it as gains from the revaluation of foreign currency-denominated assets and liabilities held in their non-trading books.
“It is a good thing, however, that the President Bola Tinubu administration has deemed it fit to impose a one-time windfall tax of 50% on the banks’ forex gains which, according to provisions of the amendment sought to the Financial Act, would be ploughed into capital infrastructure development, education and health care projects lined up in the Renewed Hope Agenda.
“There is a strong possibility that the Federal Inland Revenue Service (FIRS) will collect in excess of N1tn from the windfall tax and we are convinced that the Tinubu administration will ensure judicious use of the revenue in line with provisions of the proposed amendment to the act.
“We know that some tax and advisory service firms have been expressing concerns about what they consider as drawbacks, but we are opting to look at the positives.
“We see it as a better option to funding the additional N6tn made to the 2024 budget rather than employing measures that will increase the tax burden of the average Nigerian.
“It is a creative endeavor that will still see the banks holding on to half of the massive gains they made at the expense of Nigerians in one year. So it is a win-win situation which will see the banks give back to the society.”
The pro-Tinubu group urged state holders in the banking industry to see the proposed tax as their contribution to national development.
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News
PSIN Administrator Commends Yobe Government for Championing Leadership Continuity and Institutional Sustainability
Cyril Igele
The Administrator and Chief Executive Officer of the Public Service Institute of Nigeria (PSIN), Barrister Imeh Okon, has applauded the Yobe State Government for its strong commitment to leadership continuity and sustainable governance through strategic investment in human capital development.
Barrister Okon gave the commendation at the opening of a Management Retreat for Yobe State Permanent Secretaries, held at the PSIN headquarters in Abuja.
The retreat, themed “Succession Planning, Leadership Continuity, and Institutional Sustainability in the Yobe State Public Service,” convened senior bureaucrats and resource persons to discuss strategies for strengthening leadership and governance within the state’s civil service.
In her remarks, the PSIN Administrator praised Governor Mai Mala Buni for his foresight and partnership in prioritizing public sector training and capacity development. She described the theme of the retreat as both “timely and visionary,” emphasizing that institutions endure only when leadership is continuous, knowledge is shared, and systems—not individuals—drive performance.
“Institutions thrive not merely on structures or policies, but on the deliberate cultivation of capable leaders who can sustain progress across generations,” she said. “By prioritizing leadership continuity and institutional resilience, Yobe State is leading by example.”
Barrister Okon reiterated PSIN’s mandate to build a competent, ethical, and innovative public service capable of delivering tangible results to citizens. She stressed that effective succession planning must be anchored in continuous training, mentorship, and exposure to emerging governance trends.
Citing best practices from Singapore and the United Kingdom, Okon noted that successful public service systems deliberately identify and nurture potential leaders through structured talent pipelines and transparent career development programmes. According to her, Yobe State’s initiative reflects its readiness to sustain excellence in governance.
She also highlighted PSIN’s flagship programmes—SMART-P, which builds administrative and technical capacity; LEAD-P, designed to groom emerging leaders; and the Exit from Service Masterclass, which prepares officers for life after service. Okon urged the Yobe Government to adopt the Exit Masterclass into its human resource framework to ensure a smooth transition for retirees, preserve institutional knowledge, and promote productivity through entrepreneurship and consultancy.
“Succession planning is not an event but a culture that must be institutionalised at every level of public administration,” she added. “When we prepare successors in advance and invest in continuous learning, we guarantee the sustainability of reforms and consistency in governance.”
Declaring the retreat open, the Acting Head of Service of Yobe State, Alhaji Abdullahi Shehu, reaffirmed Governor Buni’s commitment to building a results-driven and high-performing public service.
Represented by the Permanent Secretary, Public Service, Alhaji Shehu, the Acting Head of Service expressed gratitude to God and lauded PSIN as the “mother institution of public service learning.” He stated that Governor Buni has consistently directed the Office of the Head of Service to promote seamless succession planning and capacity building to enhance efficiency and accountability across government institutions.
“In line with this directive, we have brought the top echelon of the state civil service to PSIN—being the drivers and core implementers of government policies and programmes—to strengthen continuity and sustainability in our reforms,” he said.
He urged participants to fully engage in the retreat, share experiences, and cascade the knowledge gained to officers across ministries, departments, and agencies. The exercise, he explained, forms part of a deliberate strategy to institutionalize effective succession planning within the Yobe State Civil Service, thereby ensuring sustained productivity and improved service delivery to citizens.
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