The Nigeria Extractive Industries Transparency Initiative (NEITI) commits to providing technical support for the 2024 Tax Reform Bill by offering expert analysis, data-driven insights, and policy recommendations.
The initiative aims to enhance fiscal transparency, strengthen accountability, and maximize revenue generation for national development.
During the Rembinar Dialogue, organized in collaboration with Order Paper Nigeria, NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, highlights the significance of the bill in modernizing Nigeria’s tax system. He states that NEITI thoroughly examines the proposed legislation and recognizes its potential to improve tax administration, streamline legal frameworks, and ensure better compliance across critical industries, including oil, gas, and mining.
Key Recommendations
NEITI submits recommendations to the National Assembly, focusing on:
- Consolidating tax laws to improve clarity and compliance.
- Taxing digital assets and non-resident entities in line with global best practices.
- Strengthening anti-tax avoidance measures to prevent revenue losses.
- Enhancing VAT administration and double taxation relief for a more efficient system.
- Introducing tax incentives for priority sectors to drive economic growth.
Dr. Orji stresses that while these provisions signal progress, it is essential to assess their impact on NEITI audits, revenue transparency, and sector-specific compliance. He raises critical questions about how the new tax policies affect accountability measures and how to ensure extractive companies fully disclose their tax obligations.
Stakeholder Involvement and Sectoral Impact
Dr. Orji calls for continuous multi-stakeholder engagement, urging civil society organizations (CSOs), the private sector, and the media to actively monitor the implementation and impact of the tax reforms.
The Rembinar Dialogue, themed “Tax Bills and the Implications for NEITI Audits,” serves as a platform for discussions on resource governance, fiscal transparency, and accountability in Nigeria’s extractive sector.
He emphasizes that as Nigeria advances tax reforms, strengthening revenue mobilization and ensuring fiscal sustainability remain priorities. However, persistent challenges such as tax evasion, revenue leakages, weak enforcement, and a lack of transparency continue to hinder the extractive sector’s contribution to economic growth.
NEITI reaffirms its commitment to supporting policies that promote responsible revenue management, enhance tax compliance, and align Nigeria’s tax system with global standards for long-term economic stability.
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