The Nigeria Extractive Industries Transparency Initiative (NEITI), OrderPaper Nigeria and other key stakeholders in Nigeria’s extractive sector have thrown their weight behind the country’s ongoing tax reform, insisting that it holds significant relevance in bolstering oil, gas and mining industries.
The stakeholders, including the government, civil society and the business community, who gathered at a virtual conference noted that President Bola Tinubu’s tax bills would improve transparency and accountability in the extractive sector.
The tax reform, which aims at overhauling how taxes are collected and managed in Nigeria, is embedded in the Nigeria Tax Bill 2024, the Nigeria Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.
Endorsing the reform, stakeholders at the inaugural Rembinar Dialogue Series, a virtual event convened by OrderPaper Nigeria in collaboration with NEITI, noted the need for fiscal transparency in Nigeria.
Pointing to key provisions such as the taxation of digital assets, stronger anti-tax avoidance measures, improvements in value-added tax administration and tax incentives designed to spur private sector growth, the stakeholders said the bills remained a step towards modernising Nigeria’s tax framework.
NEITI’s Executive Secretary, Dr Orji Ogbonnaya Orji, while speaking at the event said the bills are timely and essential.
“This reform is aimed at improving revenue mobilisation and ensuring fiscal transparency,” he said.
Orji said the move would tackle longstanding issues like tax evasion, revenue leakages, and weak enforcement, which have historically hampered the economic potential of the extractive sector.
“It consolidates and clarifies existing tax laws, ensuring better compliance and more robust enforcement,” he added.
The dialogue also featured insights from prominent panellists, including Dr Mike Uzoigwe, a policy expert on natural resource governance and a member of the Presidential Committee on Fiscal Policy and Tax Reforms, Haruna Yahaya.
Founder and Chief Executive Officer of OrderPaper Nigeria, Oke Epia, emphasised the reform bills’ role in streamlining tax legislation, resolving ambiguities and enhancing fiscal compliance.
He revealed that the discussions from the rembinar series would be distilled into a comprehensive policy brief, intended to guide policymakers and stakeholders throughout the tax reform process.
“This initiative reflects OrderPaper Nigeria’s renewed commitment to leveraging data and technology to bridge the gap between public policy and its real-world implementation,” Epia explained.
Moderated by NEITI’s Director of Communications and Stakeholder Management, Obiageli Onuorah, the inaugural session examined how tax policies could align with NEITI’s mandate and improve the accuracy of financial reporting in the extractive industries.
She reaffirmed the commitment of both NEITI and OrderPaper to fostering meaningful engagement on these critical issues, urging the public to actively participate in the ongoing discourse surrounding the tax reform bills.
