The Nigeria Extractive Industries Transparency Initiative (NEITI) has said the proposed 2024 Tax Reform Bill, currently before the National Assembly, has the potential to modernise Nigeria’s tax system.
It also said the Bill could potentially streamline and broaden the tax administration and tax base to align with global best practices
NEITI’s position on the Bill was contained in a memorandum signed by its Executive Secretary, Dr. Ogbonnaya Orji, and 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.
Orji noted 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 pointed out that the proposed reforms would not only improve revenue collection, but also enhance transparency and accountability in the nation’s fiscal framework.
The 2024 Tax Reform Bill, which has generated huge controversy, is aimed at addressing long-standing inefficiencies in Nigeria’s tax regime.
