The Nigeria Extractive Industries Transparency Initiative (NEITI) says it is committed to providing technical inputs, data-driven insights, and policy recommendations to the legislative process of the Tax Reform Bills.
NEITI’s Executive Secretary, Mr Orji Ogbonnaya Orji, made the pledge during a dialogue event convened by NEITI in collaboration with Order Paper Nigeria.
He said the aim is to ensure that the bill strengthens fiscal transparency, enhances accountability, and maximises resource benefits for all Nigerians.
Mr Orji emphasised that the 2024 Tax Reform Bill, currently under legislative review, represents a bold effort to modernise Nigeria’s tax system.
He stated that NEITI has carefully examined the bill and acknowledges its potential to improve tax administration, streamline legal frameworks, and enhance compliance across various industries, including oil, gas, and mining.
The NEITI chief said it has also sent strong recommendations to the National Assembly on addressing concerns raised in the bill.
According to NEITI, key highlights include the consolidation of tax laws to improve clarity and compliance, taxation of digital assets and non-resident entities to align with global best practices, stronger anti-tax avoidance measures, improvements in VAT administration, double taxation relief, and tax incentives for priority sectors.
“While these provisions signal progress, we must also critically assess their impact on NEITI audits, revenue transparency, and sector-specific compliance,” Mr Orji said.
He posed several key questions for consideration, including how the new tax regime would impact transparency and accountability measures championed by NEITI, and how to ensure extractive companies fully disclose their tax obligations.
Mr Orji, however, said that persistent challenges—such as tax evasion, revenue leakages, weak enforcement, and a lack of transparency in fiscal regimes—had continued to undermine the sector’s potential to drive sustainable development.
According to him, the 2024 Tax Reform Bill, currently under legislative review, represents a bold effort to modernise Nigeria’s tax system.
He emphasised the importance of sustained multi-stakeholder engagement, ensuring that civil society organisations (CSOs), the private sector, and the media remain actively involved in tracking the bill’s implementation and impact.