A call has been made for the Central Bank of Nigeria (CBN) to review it’s tax administration policies and strategies.
Speaking at the 2024 Bankers dinner/award night of the Chartered Institute of Bankers of Nigeria (CIBN) Abia State Chapter, held at the Banquet Hall of the Abia Hotels Umuahia, Professor Udochikwu Godfrey Ogbonna, the Chairman, Abia State Board of Internal Revenue, called for regular review of tax policies and tax administration strategies.
Professor Udochukwu Ogbonna who was a guest lecturer at the event, pointed out that capacity development in the tax system will positively impact economic growth and, by extension, the country’s infrastructural development.
He further called on the CBN, to reduce the cash reserve ratio to enable deposit money banks extend loans to their customers so as to enhance the performance of banks and at the same time.
Also, speakers such as the Branch Controller Central Bank of Nigeria, Mr Olaoba Ayotunde Olamidaji, also professed hope for the country’s financial institution and appreciated the organisers of the event.
The Chairman of CIBN Abia State, Lady Princess Ogalabu Maxwell Chineye Roseline, appreciated her team while highlighting her achievements in advancing the banking profession and promoting the interest of her members.
The newly elected chairman of the Chartered Institute of Bankers of Nigeria, Ogbuagu Camillus Dennis Ogonnaya, reeled out his vision for the institute to include, introduction of innovative ideas to drive growth, inclusivity and professionalism in the banking industry.
Awards of Patron were given to the current Commissioner for Agriculture in Abia State, Dr. Clifford Agbaeze, award of Professional Excellence, Corporate Communications to Mazi Isaac Okoroafor, a former Director, Corporate Communications, Central Bank of Nigeria, among others.
Interacting with a cross section of journalists shortly after receiving the award, Mazi Isaac Okoroafor, said the CBN is playing huge role in bridging the vacuum created by the failure of other critical sectors that should assist Nigerian economy.
He opined that if not for the CBN, Nigeria won’t have an economy, adding that it has done a whole lot in ensuring that the foreign exchange market remains afloat despite the inadequacies of the real sector.
Mazi Okoroafor maintained that the CBN, cannot be blamed for the country’s woes, emphasizing that Nigeria is not producing anything which is why the naira has continued to be weak, informing that the strength of a currency is dependent on the ability of the economy to produce and export.
Earlier in his address, the Planning Committee Chairman, Chartered Institute of Bankers Nigeria, Award Night, Mr Adiele Kelechi, noted that bankers have been at the forefront of these economic battles, saying they must raise their heads high for standing up to the occasion even as the country and Abia has started witnessing stability caused by these policies just as he reeled out other challenges which they have surmounted.
