The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Presidential Committee on Fiscal Policy and Tax Reforms (PCFPTR) have agreed to work in collaboration for the deployment of reliable data, public disclosure in support of ongoing governance and institutional reforms, and public finance management.
NEITI’s Deputy Director/Head Communications and Stakeholder Management, Mrs. Obiageli Onuorah disclosed the strategic collaboration in a statement on Thursday, February 8, 2024.
She said, rising from an elaborate meeting held at the NEITI House Abuja, the Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, and the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele identified the importance of NEITI’s reports in the oil, gas, and mining sectors and the deployment of accurate data as critical success factors in evolving enduring fiscal policies and tax reforms in Nigeria.
Receiving the delegation, the Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji remarked that NEITI’s key focal areas of improving Nigeria’s macro-economic environment, strengthening public expenditure management, structure, institutional and governance reforms to boost economic growth, create jobs and poverty reduction aligns closely with the mandates of the Presidential Committee.
According to the NEITI Boss: “With the combined forces of the Presidential Committee and NEITI, Nigeria would benefit from shared knowledge, skills, information and data that informs best economic reforms and policy making”.
He noted that NEITI is available to provide information and data as contained in the NEITI oil, gas, solid minerals and the Fiscal Allocation and Statutory Disbursement Reports and advised the Committee on the need to utilize the findings and recommendations contained in the NEITI reports to advance economic policy initiatives for the benefit of the citizens.
Dr. Orji congratulated the Chairman of the Presidential Committee, Mr Taiwo Oyedele on his appointment to undertake such a critical task and pledged the cooperation of NEITI to support and ensure the success of their national assignment.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms (PCFPTR), Mr. Taiwo Oyedele commended NEITI for the work that the agency is doing in the extractive sector and maintained that such efforts are the reason behind NEITI’s selection by the Committee as one of the key Agencies to support the Committee with data and information that will enable it to deliver on its assignment.
He explained that the Committee has classified its work in three distinct categories including fiscal governance with particular attention to financial management, revenue generation, borrowing, spending as well as policy coordination at the national and sub-national levels.
Others were on revenue transformation focusing on improving government revenues through improved mechanisms for taxing oil and gas and non-oil resources to transform the revenue profile of the Country.
The Committee is also looking at oil and gas which is the core area of focus by NEITI as well as non-oil resources like the solid minerals sector which NEITI can support the Committee in the area of information and data.
Mr Oyedele further explained that the third pillar or mandate of the Committee is economic growth facilitation and competitiveness with a focus on the removal of impediments for businesses to thrive, grow, provide jobs, and generate revenues.
Mr. Oyedele announced that under the first phase of the Committee’s work which he classified as the ‘quick wins’, it submitted a report with over 20 recommendations to the President, 3 of which have been fully implemented.
He highlighted that the Committee is in its second phase tagged critical reforms which among other things will require amendment of some existing Laws.
The Committee is already engaging the National Assembly and sub-national government on the issues that concern them while the third phase will be on implementation and change management.
He hopes that the outcome of the Committee’s work will transform into revenue growth for Nigeria.
The Presidential Committee extended a special invitation to NEITI to be its partner and co-opted NEITI into the Committee in recognition of the knowledge, competence, and integrity of the agency in helping the Committee to streamline fiscal policies, optimize tax structures, and improve revenue collection mechanisms.
Mr Oyedele remarked “By harnessing data-driven insights and best practices, both entities will strive to create an enabling environment for investment, job creation, and economic growth.
Furthermore, the collaboration will prioritise initiatives aimed at enhancing transparency, accountability, and integrity in the management of Nigeria’s extractive resources through the promotion and facilitation of participatory and inclusive dialogue with stakeholders, engagements, and information sharing, building trust, promoting responsible resource management and combating illicit financial flows.
In reaffirming their commitment to driving meaningful change, the Presidential Committee and NEITI called on all stakeholders, including government agencies, industry partners, civil society organisations, and the general public, to actively support and participate in these collective efforts.
