The Bank Directors Association of Nigeria has urged the Presidential Fiscal Policy and Tax Reforms Committee to maintain open communication and collaboration regarding the proposed Tax Reform Bills.
This appeal was made during a meeting on Tuesday between BDAN, led by its Chairman, Mustafa Chike-Obi, and the Committee’s Chairman, Taiwo Oyedele.
The meeting centered on the proposed Nigeria Tax Bill (HB. 1759) and the Nigeria Tax Administration Bill 2024 (HB. 1756), examining their potential impact on the banking sector.
BDAN applauded the Committee’s dedication to tackling Nigeria’s fiscal challenges, noting that the reforms could help eliminate inefficiencies and foster a more resilient and competitive economy.
Chike-Obi stressed 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 highlighted 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.”
BDAN’s Chief Executive, Adebukola Orenuga, emphasized the importance of stakeholder engagement in shaping effective fiscal reforms, aligning with the association’s commendation of the Committee’s efforts.
“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 remark, Oyedele welcomed BDAN’s input and emphasized the need for active stakeholder participation in the policymaking process to ensure well-rounded and effective reforms.
“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 stated.
The Tax Reform Bills—Nigeria Tax Bill (HB. 1759) and Nigeria Tax Administration Bill 2024 have sparked significant controversy since their introduction to the National Assembly.
