The Bank Directors Association of Nigeria has called on the Presidential Fiscal Policy and Tax Reforms Committee to continue to maintain an open communication channel and collaboration as it relates to the proposed Tax Reform Bills.
The call was made on Tuesday when BDAN, led by its Chairman, Mr. Mustafa Chike-Obi, met with the Chairman of the Presidential Fiscal Policy & Tax Reforms Committee, Mr. Taiwo Oyedele.
The agenda of the meeting focused on the proposed Tax Reform Bills—The Nigeria Tax Bill HB. 1759 and the Nigeria Tax Administration Bill 2024 HB. 1756—and their implications for the banking industry.
During the discussions, BDAN commended the Committee’s commitment to addressing Nigeria’s fiscal challenges. The proposed reforms, according to the Association, present an opportunity to eliminate inefficiencies and lay the groundwork for a more resilient and competitive economy.
Chike-Obi reiterated BDAN’s commitment to policies that strengthen Nigeria’s financial ecosystem, saying, “As an association, we are aligned with initiatives that promote fiscal accountability and support sustainable economic growth. While we have no fundamental issues with the proposed reforms, it is imperative to ensure that their implementation is inclusive and considers the nuances of the banking sector.”
He emphasised the importance of consultation and continuous dialogue, adding, “The banking industry thrives on stability and trust. We urge the Committee to maintain open channels of communication, ensuring that reforms are both effective and equitable. Collaboration is key to achieving the common goal of a stronger economy.”
Echoing similar sentiment, BDAN’s Chief Executive, Adebukola Orenuga, highlighted the importance of stakeholder engagement in shaping fiscal reforms.
“Tax policy should be a shared vision between the government and the private sector. As representatives of the banking sector, we are committed to providing constructive input that will help create an enabling environment for businesses and individuals alike,” she said.
In his comments, Oyedele welcomed the Association’s input and stressed the importance of active participation from stakeholders during the policymaking process.
“We extended invitations to public hearings earlier in the process, but unfortunately, many stakeholders did not respond. However, moving forward, we encourage more proactive engagement to ensure policies are well-rounded and inclusive,” he remarked.
There have been a lot of controversies surrounding the Tax Reform Bills since their introduction to the National Assembly.
