NEITI endorses 2024 Tax Reform Bill, says it’ll “modernize Nigeria’s tax system” 

The endorsement is a significant development in Nigeria’s ongoing efforts to revamp its tax system and strengthen fiscal policy.

NEITI’s position on the Bill was articulated in a detailed memorandum signed by its Executive Secretary, Dr. Ogbonnaya Orji.

The memo was addressed to the leadership of the National Assembly and the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele and posted on X (formerly Twitter) on Tuesday.

Dr. Orji emphasized the transformative potential of the Bill, noting that “The Bill has the potential to modernize Nigeria’s tax system, streamline and broaden its administration and tax base to align with global best practices.”

Orji disclosed that NEITI’s observations followed a detailed review of the draft legislation, which showed extensive research and consultation to produce the innovative provisions currently being deliberated upon.

He highlighted that the proposed reforms would not only improve revenue collection but also enhance transparency and accountability in the nation’s fiscal framework.

The 2024 Tax Reform Bill is aimed at addressing long-standing inefficiencies in Nigeria’s tax regime. Some of its key provisions include:

In October 2024, the National Economic Council (NEC) comprising the 36 state Governors and chaired by the Vice President, Kashim Shettima recommended the withdrawal of the Tax Reforms Bill before the National Assembly at its 145th meeting in Abuja for more consultation with stakeholders.

In a statement signed by the NGF Chairman and Governor of Kwara State, AbdulRahman AbdulRazaq after a meeting with the Oyedele-led committee, the governors emphasized their commitment to comprehensive tax reform while advocating against measures that could exacerbate economic challenges.