The Nigeria Extractive Industries
Transparency Initiative (NEITI) and the Presidential Committee on Fiscal Policy
and Tax Reforms (PCFPTR) have agreed to work in partnership and collaborate on
deployment of reliable data, public disclosure to support ongoing governance
and institutional reforms and public finance management.
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 said 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.
NEITI's Deputy Director/Head
Communications & Stakeholder Management, Mrs. Obiageli Onuorah made this
known in a press statement yesterday.
She quoted the NEITI boss as
saying: “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.
Oyedele further explained that
the third pillar or mandate of the Committee is economic growth facilitation
and competitiveness with focus on removal of impediments for businesses to
thrive, growth, provide jobs and generate revenues.
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 concerns
them while the third phase will be on implementation and change management.
He hopes that the outcome of the
Committee’s work will transform to revenue growth for Nigeria.
The Presidential Committee
extended 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 said: "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
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.
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