Follow Us on Google
To get clarity and ensure the success of the tax reform bills being sponsored by the federal government, Bank Directors Association of Nigeria (BDAN) delegation, led by its Chairman, Mr. Mustafa Chike-Obi has engaged Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy & Tax Reforms Committee in a high-level dialogue.
The discussions, held on Tuesday, centered on The Nigeria Tax Bill (HB. 1759) and The Nigeria Tax Administration Bill 2024 (HB. 1756), exploring their potential impact on the banking sector.
BDAN lauded the Committee’s efforts to address fiscal inefficiencies and strengthen Nigeria’s economic framework.
Mr. Chike-Obi emphasised BDAN’s alignment with reforms that foster fiscal accountability and economic sustainability.
“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 stated.
Highlighting the need for continuous engagement, he added: “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 Chief Executive, Bukola Orenuga, also harped on the immense value of stakeholder collaboration.
“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.
Alhaji Yola, a BDAN Board Member and Non-Executive Director of SunTrust Bank Nigeria Limited, advocated for a review of Nigeria’s corporate tax rate, which stands at 30%. “A comprehensive review of the current corporate tax rate is essential to create a more enabling environment for Banks and other companies to thrive and support economic growth, as well as the economic objectives of the administration,” he stated.
Responding to BDAN’s contributions, Mr. Taiwo Oyedele emphasised the importance of stakeholder participation in shaping fiscal policies. “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.
The meeting reinforced the shared commitment to crafting tax policies that are transparent, effective and beneficial to all sectors of the economy.
