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 and public disclosure to support ongoing governance and institutional reforms and public finance management.
Rising from a meeting held at the NEITI House Abuja, the Executive Secretary of NEITI, Dr 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, 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.
“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 said.
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 utilise the findings and recommendations contained in the NEITI reports to advance economic policy initiatives for the benefit of the citizens.
Oyedele, in his remarks, 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 are 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, he said , 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.
He 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, three of which have been fully implemented.
“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.
“This will be done 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,” he added.
