Bank directors meet with Oyedele on tax reforms

A delegation of the Bank Directors Association of Nigeria (BDAN), led by their Chairman, Mustafa Chike-Obi, met with the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, in Abuja yesterday.

The meeting agenda focused on the proposed tax reform bills and their implications for the banking industry. At the meeting, BDAN commended the Committee’s commitment to addressing Nigeria’s fiscal challenges, a statement by the association said.

The proposed reforms, according to the directors, 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.

“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 reportedly said. 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,” he noted. 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.

Oyedele was said to have welcomed the association’s inputs 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 noted.