Billionaire businessman, Femi Otedola, has supported the 70 per cent windfall tax proposed by the Federal Government on foreign exchange gains of banks.
In a statement he issued on Wednesday, Otedola, who is the chairman of FBN Holdings, slammed the banking sector for its $50m estimated bill on maintaining private jets and an even higher bill on the purchase of private jets.
In July, the Senate amended the Finance Act to impose a 70 per cent windfall tax on banks’ foreign exchange profits.
A windfall tax is a higher tax levied by the government on sectors or businesses that have disproportionately benefited from favourable market conditions.
President Bola Tinubu said the money would be part of the revenue used to fund the N6.2tn supplementary budget.
Otedola argued, “I write to express my strong support for the implementation of a windfall tax in Nigeria and to highlight the critical role this measure plays in fostering a fairer…