The Bank Directors Association of Nigeria (BDAN) has reaffirmed its commitment to fostering fiscal policies that strengthen Nigeria’s financial ecosystem. During a critical meeting with Taiwo Oyedele, Chairman of the Presidential Fiscal Policy & Tax Reforms Committee, BDAN highlighted the importance of inclusive reforms that support sustainable economic growth while addressing the nuances of the banking sector.
Speaking at the engagement, BDAN Chairman Mustafa Chike-Obi expressed alignment with the government’s fiscal accountability initiatives, emphasizing the need for collaborative implementation. “While we have no fundamental issues with the proposed reforms, their execution must be inclusive and reflective of the banking sector’s unique dynamics,” Chike-Obi stated.
The Tuesday meeting provided an opportunity for BDAN, led by Chike-Obi, to discuss the proposed tax reform bills—the Nigeria Tax Bill HB. 1759 and the Nigeria Tax Administration Bill 2024 HB. 1756. Conversations focused on the implications for the banking industry and the broader Nigerian economy.
Chike-Obi commended the Committee’s efforts to tackle Nigeria’s fiscal challenges, stressing that reforms should eliminate inefficiencies and bolster economic resilience. He highlighted the need for open communication between the government and private sector, adding, “The banking industry thrives on stability and trust. Collaboration is key to achieving the shared goal of a stronger economy.”
Adebukola Orenuga, BDAN’s Chief Executive, underscored the importance of stakeholder participation in shaping fiscal reforms. “Tax policy should represent a shared vision between government and the private sector,” she said. “As representatives of the banking sector, we are dedicated to providing constructive input to create an enabling environment for businesses and individuals alike.”
In response, Taiwo Oyedele acknowledged the critical role of stakeholders in shaping inclusive and effective policies. While noting limited participation at earlier public hearings, he urged more proactive engagement from stakeholders in future deliberations. “Collaboration ensures that policies are comprehensive and address the concerns of all sectors,” Oyedele remarked.
The meeting affirmed the shared commitment of BDAN and the Fiscal Policy & Tax Reforms Committee to policies that promote fiscal stability and economic progress. Both parties agreed on the need for sustained dialogue to navigate the complexities of implementing reforms while fostering long-term growth in Nigeria.
