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
Corps Marshal Charges Staff on Productivity, Recommit To Workers Welfare Programs
Joel Ajayi
The Corps Marshal of the Federal Road Safety Corps (FRSC), Shehu Mohammed has charged staff to sustain the tempo of last year’s productivity with a view to improving the service delivery goals of the Corps in 2025, saying staff capacity development, welfare and regular promotion exercise will remain the cornerstones of his Management agenda.
The Corps Marshal stated this during the maiden 2025 Corps Marshal’s parade organized at the FRSC National Headquarters Abuja on Monday, 3rd February, 2025.
While reviewing the Corps’ 2024 activities, Corps Marshal Shehu Mohammed gave kudos to the Management staff, Commanding Officers, Heads of Unit and generality of staff for the sacrifices, initiatives and commitment they demonstrated in making the success achieved in the last year’s activities, especially in the end of year special patrol which possible.
“With your resilience and tenacity, we were able to contain the traffic management challenges and created safer road environment for all travellers during the Christmas and new year celebrations,” he stated.
The Corps Marshal commiserated with the families of the deceased staff who lost their lives in active service, praying for the peaceful repose of their souls. He however stressed the need for staff to take their health seriously by participating in regular fitness exercises and visit hospitals for regular checkups to avoid major health challenges.
On the need for increased productivity, the Corps Marshal charged staff not to rest on their oars in raising the bar of productivity attained last year, assuring that staff who display excellence in their given assignments would be duly rewarded while those that are found to be indolent or unproductive would not go unpunished.
“You must be prepared to respond appropriately to instructions, show excellence in your work and avoid acts of indiscipline including rumour mongering, indolence and any acts capable of dragging the image of the Corps to the muds,” the Corps Marshal stated.
On the 37th anniversary celebration of the FRSC which comes up on 18 February this year, the Corps Marshal congratulated the staff for holding tenaciously onto the values of the Corps as envisioned by the founding fathers, noting that despite the challenges, the organization has remained on track in its commitment to serving humanity over the years.
He vowed to sustain the values of service delivery under his leadership and called on all staff to join in the campaign to make FRSC a leading example of a high performance organization not only in Nigeria but globally.
On staff welfare, the Corps Marshal disclosed that as part of his commitment to creating conducive working and living environments for the staff, the FRSC Staff Cooperative Scheme and the FRSC Housing Cooperative are being strengthened to make them more responsive to the needs of the staff. To this end, he disclosed that arrangement is being made with some reputable House developers to make affordable houses available to the staff while efforts have been completed for the FRSC to operate its own Healthcare Management Organization (HMO).
This, he said will make it possible for the Corps to provide more qualitative healthcare to staff and their families for improved health conditions for all staff.
On the technological innovations of the FRSC, the Corps Marshal stressed the need for staff to download the FRSC Mobile app launched last year to enable them have proper understanding of the Corps’ technical advancement in addressing the traffic management challenges of the country and for them to have information that could assist them to educate members of the public.
Speaking on promotion exercise, the Corps Marshal disclosed that promotion exercises for this year will commence very soon to fill vacant positions starting from those of the Deputy Corps Marshals (DCMs) while others will follow accordingly to make sure that there’s no backlog in promotion matters.
The Corps Marshal further enjoined staff to embrace the digitization policy of the Corps by learning to become more computer literate, saying very soon, the process will be completed and use of papers may become obsolete in most administrative and operational activities of the Corps as every office will be provided with computers to work with.
On the ongoing amendment of the FRSC Establishment Act 2007, the Corps Marshal disclosed that public hearing towards the amendment of the Act was organized by the House of Representatives ast year and enjoined all staff to brace up for greater responsibilities in the expected amendments to justify the efforts.
The Corps Marshal encouraged staff with good ideas to always pass such ideas through their superior officers in line with the channels of communication, saying everyone’s idea is important in moving the Corps to greater heights.
While recommitting to the ideals of the FRSC as envisioned by the founding fathers, the Corps Marshal assured that all necessary steps would be taken to give the staff sense of responsibility and pride, saying no one will be denied of his or her entitlement including proper recognition for any achievement made by the staff in the course of carrying out the official assignment.
The parade address which took place after the Corps Marshal inspected the Quarter Guard and carried out general inspections of the main parade consisting the officers and Marshals of the National Headquarters ended with Three Hearty Cheers to the Corps Marshal.
Staff who spoke shortly after the parade address expressed optimism that this year will be more productive, rewarding and glorious for all the staff. They also wished the Corps Marshal well in his determination to quickly bring positive changes to the FRSC.
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