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Govt must use windfall tax revenue for critical infrastructure projects-OAU Prof of Economic History

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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. It is within the power of the government of the Federation going by its stated exclusive jurisdiction in the First Schedule Part I of the constitution of the Federal Republic of Nigeria to make such laws and to direct such policies and actions as to ensure peace, good order and good government in Nigeria. Therefore, if Nigeria is in dire straits and some Nigerians, whether persons or bodies or corporate organisations, that have been feeding fat on the system, especially when that feeding fat is not directly a function of their own productive energies, then it behoves the Federal Government to ensure a balancing of duties and responsibilities within the system such that a resource-deficient sector of the economy can benefit from the resource-surplus part through what is called economic stabilisation. So, to me, it is perfectly in order to amend the Finance Act 2020 in order to accommodate the collection of this one-off levy on the windfall that the banks in the financial system have benefited from on foreign exchange transactions in the last one year. To me, it is perfectly in order and it is part of the duties of the government to stabilise the economy and also redistribute wealth.

Part of the arguments of those kicking against the policy is that allowing the windfall levy on banks may create uncertainty about the future as government may come with another windfall tax in some other sectors. Is this fear justified?
A situation of paralysis needs a shock therapy to bring it to normalcy. In 1929 up to 1932, there were decisions made in the United States under Herbert Hoover to stabilise the economy by ensuring that government deliberately pumps into the economy huge expenditure financed under public-private partnership arrangement. Nigeria is in such a situation now as the United States was under Hoover. So, it is not out of place to request that that banks that have made unplanned, spontaneous, unpredicted, sudden income to donate to the system a portion of their profits. This levy is actually on their windfall which is not part of their projections in their respective budgets. So, there is nothing that is malicious about this levy. After all, the levy is not for the benefit of persons. It is for the benefit of the public and it is in order.

Naturally, the Chartered Institute of Bankers of Nigeria (CIBN) has risen in defence of the banks to say asking them to pay a windfall levy amounts to double taxation because banks have already paid Companies Income Tax. What do you make of this argument?
I disagree absolutely with such stance from CIBN. What of the progressive deductions that the banks have been making with respect to ATM withdrawals by both the depositors and the withdrawers? Banks charge N20 per transaction and at times N50. Many of these deductions are actually illegal and the CBN should have asked them to return the money to their customers. These deductions run into billions of naira. But it would seem that the CBN did not want to rock the boat and has allowed the banks to earn some income for their stabilisation so that when a request for re-capitalisation would come, they would have something to use for that purpose. So, the banks can’t approbate and reprobate at the same time. They can’t be placing unlimited charges on their customers and expect government not to come in with a decision to stabilise the system. The windfall levy is a patriotic call made on the banks to contribute to the system. The banks should not see it as a tax. After all, it is a one-off levy. At any rate, why are the banks trying to shy away from their responsibility of contributing to the system? Their wealth comes from the commonwealth of Nigeria. Is that not? If your wealth comes from the commonwealth of a country and that country is in dire straits and it calls upon you to pay a levy on profits arising from your unpredicted income, I don’t think that it is out of place for them to obey such call to help fatherland.

Are there special benefits from a windfall tax?
The benefits are many. One, insofar as the government will not pump the revenue arising from this windfall levy on banks into the general budget, then there is no problem. But if government puts the revenue into the general budget and uses it to fund recurrent expenditure, that is going to be unacceptable. However, if government pumps the money from the 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. But I would advise that the government uses the revenue to fund critical projects such as the Lagos-Calabar Coastal road, the Sokoto-Badagry Highway, Port Harcourt-Maiduguri rail line, expansion of the standard gauge from Ibadan to Abuja and then onward to Kaduna. These are the critical projects that will create a trickle-down effect on the economy to jumpstart it from its doldrums and provoke productive enterprises among business concerns.

The three tiers of government have been smiling to the banks every month on account of huge revenue collected by the FederaI Inland Revenue Service (FIRS) for the Federation. Shouldn’t focus shift to the other two tiers of government who have been getting more money since the removal of petrol subsidy by President Bola Tinubu?

That is what we call financial injustice in the system.

Actually, many governors in Nigeria, maybe for political correctness, did not say much about the issue of workers conflicting with the Federal Government on the issue of minimum wage neither did they support the Federal Government to do at least some defence within the realm so that citizens will not be unnecessarily agitated and then begin disturbances. But the truth of the matter is that the respective governments of the states of the federation today are now earning at least 40 per cent more than what they were earning before. It behoves them to come forward to explain to Nigerians why some A, and B, C policies have been done in their favour by the Federal Government. For example, the removal of subsidy from petrol has helped states that were previously in debts like Osun State to begin to successfully and significantly exit those debts and be able to pay workers. But do they give the credit to the Federal Government? The answer is No. The states have been giving the credit to themselves as if they conjured up the fat allocations they are now getting. Whereas, we know it is directly as a result of the fact that the FAAC has been to get more money through removal of subsidy and the efficient revenue collection by FIRS. This is why the states have now been financially strong to do their capital projects. Some of these states are even doing a kind of subtle blackmail to give a dog a bad name in order to hang it. Otherwise, if your income has increased as a result of government policy, why can’t the states explain to their citizens and spend the money to make things better for the citizens in their respective states? They have put all the burden on the Federal Government. It is a shame.

Do you think the recent Supreme Court judgment which states that allocations should be paid directly into the accounts of local government areas will also help bring down tension and enhance development at the grassroots?
I support the Federal Government’s view, position and policy on this and for the Attorney General of the Federation to approach the Supreme Court for interpretation of the constitution and to make declarative orders. This is perfectly in order. This is actually how to govern a country. Do not forget that the local government councils in Nigeria are 768 and not 774. This is provided in Section 3 subsection 6 of the 1999 Constitution as amended. There six area councils in Abuja and if you add this number, you will get 774. But the area councils in Abuja are not local government councils.

The Supreme Court ruled on this in 2002 in the Attorney General of the Federation versus Attorney General of Abia State and 35 others. But let us not go there. The truth of the matter is that the 768 local government councils in Nigeria will now directly benefit from their allocations pursuant to Section 162 of the Constitution. The Supreme Court judgment is just half of the battle won. The other half of the battle to be won is to ensure that election into local government councils is not conducted by State Independent Electoral Commissions (SIECs). There should be an amendment to the Electoral Act for that purpose so that the same election will be conducted by INEC in order that there will be a level-playing field. The SIECs are actually not independent of the governors who appoint their officers. But it is a good thing that local governments are now going to get their allocations directly from FAAC beginning from this month, that is July.

Quote “The windfall levy is a patriotic call made on the banks to contribute to the system. The banks should not see it as a tax. After all, it is a one-off levy.”

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How Primate Ayodele Foretold Deadly Attack On Niger Republic Airport In Prophecy Book

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An attack by armed men on an airport in Niger’s capital has killed 11 soldiers and two civilians, authorities said, five months after a major assault.Twenty-two armed attackers were also killed in the assault, and about 20 suspects were apprehended, the Ministry of Defence added in a news statement read out on national television on Thursday.Soldiers in Niamey fought suspected rebels around the Diori Hamani International Airport and a military airbase on Thursday, sources told Al Jazeera earlier in the day.This unfortunate incident is in fulfilment of the prophecy of popular Nigerian prophet, Primate Elijah Ayodele, which he shared in his prophecy book released in 2025.The prophet, known for his frequent prophecies about nations, warned the leadership of the Niger Republic to be careful against major attacks. He warned them that rebels will continue to attack the nation, but there will be major ones which the nation will struggle to come out of.On page 65 of the prophecy book, the man of God warned the government of the day to be careful of unpleasant things.These were his words:“NIGER: I foresee the country will be tensed up and must be careful because they will face attacks and counterattacks. They will suffer economic damages. They will enter into bilateral agreements that will be unfavourable. The country must be careful of explosions and fire outbreaks. They must be careful because a lot of things will change in the country that will not be pleasing to the people. There will be a plan to remove the government of the day either through revolution or coup or protest or uprising. These are the revelations from the Lord.”Apart from this, the prophet mentioned it in another prophecy book titled Warnings to the Nations (2025/2026) edition that the Niger Republic will be attacked.These were his words:“NIGER: The spirit of God says the country will have long term political crisis. I foresee the political stability of the country will be shaking. The country will face major crisis and must be careful not to be attacked. The country will operate under a new political dimension and dispensation. The country must be careful of serial killings. There will be new developments in the country. The country will face lots of crisis. The country will take some steps that will not give the country the needed impetus to grow. I foresee the resources will be hijacked by foreign exploiters. I foresee the economic growth will be trouble shooting. There will be gang up against the administration of the country. The country must be watchful against attacks.”Likewise, in his new year prophecy, he made it known that the country will continue to suffer from major attacks.“……Rebels will be attacking the government forces at all times…however, there is going to be a serious attack in the country as the country will continue to struggle to excel so says the Lord”.These prophecies have been fulfilled with the attacks on the Niger Republic, especially the recent one.

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Dear President Tinubu, Primate Ayodele Can Help You Solve Insecurity

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By Damas Kalu, Abia

Beyond every sentiment, I think that if the current Nigerian government is serious about solving insecurity problems, the role Primate Ayodele can play should never be underestimated.Yes, Primate Ayodele doesn’t have guns or grenades; he doesn’t have helicopters and armoured tanks, but the divine security intelligence that man possesses has never been seen before.He may not be able to follow the military operatives to the war front, but his approach to solving insecurity crises goes beyond the battle at the war front; there wouldn’t be any need for battle if the government is ready to listen to Primate Ayodele’s intelligence.Primate Ayodele doesn’t have any certificate in security intelligence, nor is he in any intelligence agency, but what he possesses cannot be acquired with certificates or affiliations; God has blessed him with it so much that he knows the next place terrorists would strike; it’s that concise!One distinct thing about this divine intelligence Primate Ayodele possesses is that he shares it before time, sometimes months, weeks, or days, before any act of insecurity occurs to give the Nigerian security operatives ample time to deal with it, but they never take it seriously. Instead of being proactive, they become reactive when the deed has already been done.I could remember some months before the Nigerian army announced that there was a coup attempt against President Tinubu that was thwarted. The prophet had warned months earlier that some powerful people were planning to remove the president from power; he specifically mentioned that some army officials would be involved.These were his words:“There will be an attempt to unseat Tinubu unconstitutionally; the NSA, DSS, and Chief of Army Staff must be careful about this. Some gangs are planning between November and January to unseat him.”“ Even the Navy, Air Force will be part of it, including the Nigerian Army. President Tinubu must be ready for anything and fortify himself. He needs to change his security strategy because these personalities will be unbelievable names.” ( https://tribuneonlineng.com/some-powerful-nigerians-plotting-to-remove-tinubu-through-coup-primate-ayodele/)A few months after this release, the Nigerian army confirmed there was a serious plan that was foiled at the last minute, and today, we have some politicians and soldiers in detention for the act.The several kidnappings that we see happening today across the country had been foretold by Primate Ayodele as far back as December 2024 during a press conference. The prophet had mentioned that kidnapping will take a new dimension in Nigeria, alerting the security operatives to curb it.These were his words:“Kidnap: I foresee that a Commissioner and an aide in a Governor’s convoy will be kidnapped. The spirit of God says kidnapping will take another dimension. Let us pray for all governors in Nigeria that none of them will be bedridden.’’From that moment till today, the level of kidnap attacks has never been seen before in the country. It used to be in the north alone, but today, even the south is seriously feeling the heat.The president must also remember that early in 2025, Primate Ayodele mentioned six things that will be used against his government.These were his words:“They want to use six things to destroy Tinubu’s Gov: Security, Economy, Ethnicity, Energy, Creation of states, Employment, and Youth development.“….there is no doubt that every one of these things is being used to measure the effectiveness of the current government.On the school kidnapping happening across the country, President Tinubu must know that Primate Ayodele has been creating awareness about this since March 2024. He revealed that a new syndicate is coming that would be kidnapping students and pupils from schools. He mentioned that it won’t be just in the north, but across the country.These were his words:“It is no longer Boko Haram or any existing group that is behind these kidnappings; it is a new group, and they will soon name it. It’s a new terrorism syndicate that must be defeated. We should commit our military in prayers to defeat terrorism; we must not allow terrorists to ruin this government.’These terrorists want to scare people from going to school; they want to destroy the future of this country, but Tinubu shouldn’t agree. He should cooperate with the security outfits to defeat terrorism.‘’If the government doesn’t act on this, they are ready to move to other states. The government must wake up and curb this now; if not, school children will be kidnapped in other states apart from the north.’’https://dailypost.ng/2024/03/12/new-terrorism-syndicate-behind-sokoto-kaduna-school-kidnaps-primate-ayodele-warns-tinubu/This is 2026, two years after this prophetic revelation, and now, we are dealing with the kidnapping of about 39 students in Oyo State; they have been in captivity for almost one month now, yet no tangible updates have been given. Schools have also been shut across the state as a result; has this not come to pass? It has absolutely been fulfilled.Now, imagine the government had listened to all these warnings and blocked every loophole; Nigeria would have become the most peaceful country in Africa, but the opposite is what the country is experiencing.There are records to prove the credibility of Primate Ayodele’s divine intelligence; we don’t have to be reactive all the time; it costs the nation more when insecurity is approached in that way. We can be proactive, and so far, only Primate Ayodele proves to have such intelligence that can give this kind of approach.Personally, I would suggest the president humble himself and reach out to the man of God for solutions. Many Nigeria be great again. Amen.

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Primate Ayodele Fires Back at Liberia’s President Boakai Over Complaint Letter to FG, Predicts Second-Term Defeat

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Primate Ayodele Responds To Liberia’s President, Joseph Boakai Over Letter To FG

Founder and Leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has reacted to reports that the Liberian government raised concerns with Nigerian authorities over his prophecies concerning Liberia and its leadership.

The cleric insisted that Liberian President Joseph Nyuma Boakai should focus on addressing the challenges facing his country rather than criticising prophetic messages. He also declared that the President would not secure a second term in office.

Primate Ayodele’s response followed reports that the Government of Liberia allegedly sent a letter to the Nigerian government expressing dissatisfaction with what it described as recurring negative prophecies about President Boakai, his administration, and the Liberian people.

According to the reported complaint, the prophecies, circulated through publications and videos, allegedly fuel anti-Nigerian sentiments among some Liberians and could threaten peace and stability in the country.

The Liberian government also reportedly accused the cleric of involving himself in the country’s political affairs during the 2023 presidential election by publicly supporting one of the candidates.

While acknowledging Nigeria’s commitment to freedom of expression and religious liberty, Liberia reportedly urged Nigerian authorities to exercise caution regarding statements made about friendly nations and to take appropriate action where necessary.

However, reports indicated that Nigeria’s Ministry of Foreign Affairs distanced itself from the matter. The ministry reportedly maintained that the issue falls outside its constitutional and diplomatic responsibilities.

The ministry also emphasised that the Nigerian government does not censor citizens’ views provided such expressions do not violate the law.

Furthermore, it reportedly described the complaint as a private matter and reaffirmed Nigeria’s commitment to its longstanding bilateral relationship with Liberia.

Reacting to the development, Ayodele defended his prophetic record and recalled his prediction of the defeat of former Liberian President George Weah during the 2023 election.

“I warned George Weah and told him that if the election went into a second round, he would lose. That prophecy came to pass,” he said.

The cleric argued that his prophecies are not politically motivated. Instead, he described them as divine messages intended to guide leaders and nations.

Ayodele also questioned President Boakai’s decision to focus attention on his prophecies rather than on governance and national development.

“You are talking when your country has serious issues to deal with. Instead of concentrating on Liberia’s problems, you are analysing my prophecies,” he stated.

Despite the controversy, the cleric maintained that he would continue to speak on developments concerning Liberia whenever he receives divine revealations from the throne of God.

He also issued a fresh prediction regarding President Boakai’s political future.

“Don’t worry yourself about a second term because you have already lost it,” Ayodele declared.

The cleric reiterated that his prophecies serve as warnings and guidance. According to him, leaders who pay attention to divine counsel often avoid looming challenges, while those who ignore such warnings risk facing the consequences.

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