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.
end
News
Ringo Sport Club, National Parks Service Team Up to Promote Eco-Tourism, Combat Climate Change
By Joel Ajayi
The Ringo Sport Club–Nigeria and the National Park Service (NPS) have begun moves to strengthen collaboration on eco-tourism promotion, environmental protection and climate change mitigation ahead of the maiden Nigerian Para-Military Ringo Sport Tournament (NIPAMRIST) 2026.
The National President of Ringo Sport Club–Nigeria and Chairman of the National Inter-Agency Organising Committee (NIAOC) of NIPAMRIST, Malam Ahmed Mohammed Sule, led a delegation on a courtesy visit to the Conservator-General of the National Park Service, Dr Ibrahim Musa Goni, at the Service’s headquarters in Abuja.
The visit was part of ongoing stakeholder engagements to secure the participation of personnel from para-military agencies and explore areas of cooperation ahead of the three-day tournament scheduled for November 19 to 21, 2026, at the Moshood Abiola National Stadium, Abuja.
Sule said the tournament was designed to bring together officers and personnel of Nigeria’s para-military agencies to compete for honours while promoting inter-agency cooperation, national unity, physical fitness and general well-being.
He explained that the engagement with the National Park Service was aimed at strengthening preparations for the inaugural competition and building a lasting partnership that would extend beyond sports.
According to him, the National Park Service is a strategic partner in advancing the tournament’s objectives, particularly through the integration of sports and tourism to showcase Nigeria’s natural attractions and encourage environmental awareness.
Sule disclosed that the Service had registered for the tournament and that some of its personnel had benefited from the intensive Ringo sport training programme organised by the club.
He urged the Conservator-General to mobilise more personnel for the competition, stressing that adequate preparation and mass participation would contribute to the success of the tournament.
The Ringo Sport Club president added that NIPAMRIST offered an opportunity to use sports as a platform for promoting Nigeria’s eco-tourism potential, improving the fitness of security and para-military personnel, and encouraging stronger institutional partnerships.
He called for sustained collaboration between the club and the National Park Service to leverage the tournament’s visibility in promoting the country’s protected areas and supporting tourism development.
Responding, Goni expressed appreciation for the visit and reaffirmed the Service’s commitment to the success of NIPAMRIST 2026.
He pledged that the National Park Service would encourage active participation by its personnel, describing the tournament as an avenue to improve physical fitness, discipline, teamwork and esprit de corps among staff.
The Conservator-General also welcomed the proposal for deeper cooperation on eco-tourism, noting that the Service had continued to pursue partnerships that support biodiversity conservation, sustainable livelihoods and tourism development across Nigeria’s protected areas.
Goni linked the growing effects of climate change to environmental degradation and the neglect of environmental protection principles, noting that damage to ecosystems and the depletion of natural protective cover could contribute to displacement, migration and conflicts.
He said the relationship between sports and eco-tourism presented an opportunity to raise public awareness about Nigeria’s national parks while encouraging healthy lifestyles among service personnel and the wider population.
Goni assured the organising committee of the Service’s readiness to explore practical areas of cooperation before, during and after the tournament.
He also clarified that Nigeria has 17 national parks, with about 13 currently in active operation, correcting what he described as the misconception in some quarters that the country has only seven parks.
The visit ended with both parties agreeing to establish a working framework for the Service’s participation in the tournament and sustain discussions on eco-tourism promotion and other areas of mutual interest.
The organising committee expressed optimism that the partnership would strengthen NIPAMRIST 2026 and support its broader objectives of sports development, institutional cooperation and tourism promotion.
NIPAMRIST is the maiden inter-agency Ringo sport tournament organised by Ringo Sport Club–Nigeria for officers and personnel of Nigerian para-military establishments.
The 2026 edition is expected to feature 120 players and officials from eight agencies, including the National Park Service, Nigeria Customs Service, Federal Road Safety Corps, Federal Fire Service, Nigeria Immigration Service and Nigeria Security and Civil Defence Corps, among others.
The tournament is scheduled to run from November 19 to 21 at the Moshood Abiola National Stadium in Abuja.
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