The Nigeria Extractive Industries Transparency Initiative (NEITI) has expressed strong support for President Bola Tinubu’s Tax Reform Bills while calling for clarity in harmonizing federal and state tax laws.

In a statement released by Obiageli Onuorah, Acting Director of Communications and Stakeholders Management, NEITI endorsed the tax reform efforts, emphasizing their potential to modernize Nigeria’s tax system. The reforms aim to streamline tax administration, broaden the tax base, and align with global best practices.

NEITI acknowledged that provisions for taxing digital assets, enhancing fiscal transparency, and addressing resident and non-resident taxation were commendable. However, it urged detailed explanations regarding subnational roles and called for measures to curb tax evasion.

Executive Secretary Orji Orji highlighted the need for public awareness campaigns and careful transition management to avoid administrative confusion. NEITI also recommended aligning tax policies with energy transition goals, incentivizing renewable energy projects, and ensuring fair taxation in the extractive industries.

NEITI’s feedback underscores the significance of stakeholder engagement and the inclusion of civil society to ensure successful implementation of the tax reforms.

channelstv