Bank directors task tax reform committee on continuous dialogue

Bank Directors Association of Nigeria (BDAN), led by their Chairman, Mr. Mustafa Chike-Obi, met with Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy & Tax Reforms Committee to discuss the proposed Tax Reform Bills and their implications for the banking industry

BDAN, who met Oyedele in Abuja yesterday commended the committee’s commitment to addressing Nigeria’s fiscal challenges adding that the proposed reforms present an opportunity to eliminate inefficiencies and lay the groundwork for a more resilient and competitive economy.

Speaking at the meeting, Chike-Obi said; “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.”

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He emphasised the importance of consultation and continuous dialogue, adding that, “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 this 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.”

Mr. Taiwo 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.