The Nigeria Extractive Industries Transparency Initiative (NEITI) has formally endorsed the proposed 2024 Tax Reform Bill, marking a pivotal moment in Nigeria’s bid to revamp its tax system and strengthen fiscal policies.
The endorsement, announced in a memorandum signed by NEITI’s Executive Secretary, Dr. Ogbonnaya Orji, underscores the bill’s potential to modernize the nation’s tax system and align it with global best practices. The memo, addressed to the National Assembly leadership and the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, was shared on X (formerly Twitter) on Tuesday.
Dr. Orji highlighted the transformative nature of the bill, stating, “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.” He further noted that the proposed reforms could significantly enhance transparency, accountability, and efficiency in Nigeria’s fiscal framework.
The endorsement follows NEITI’s comprehensive review of the draft legislation, which Dr. Orji said reflects extensive research and stakeholder consultation. The organization expressed confidence that the innovative provisions in the bill could improve revenue collection and position Nigeria for stronger economic growth.
The National Assembly is currently deliberating the bill, which has garnered widespread interest as a critical step in addressing Nigeria’s fiscal challenges. NEITI’s support adds weight to calls for its swift passage, reinforcing the bill’s importance in modernizing the country’s tax system and strengthening public financial management.
