The Nigeria Extractive Industries Transparency Initiative (NEITI) has thrown its weight behind the proposed 2024 Tax Reform Bill, which is currently under deliberation in the National Assembly.
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.