The Nigeria Extractive Industries Transparency Initiative (NEITI) has officially endorsed the 2024 Tax Reform Bill, which is currently being reviewed by the National Assembly.

This endorsement is a key milestone in Nigeria’s journey to improve its tax system and fiscal policies. NEITI shared its views in a memorandum signed by its Executive Secretary, Dr. Ogbonnaya Orji. The memo was addressed to the National Assembly and Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms. It was also shared on X (formerly Twitter).

Dr. Orji emphasized the significant benefits of the proposed Bill. He explained that the reforms would modernize Nigeria’s tax system, simplify tax administration, expand the tax base, and bring the system in line with global best practices.

NEITI’s support is based on a detailed review of the draft Bill, which shows that the legislation was developed through extensive research and consultation. Dr. Orji highlighted that these reforms would not only boost revenue collection but also improve transparency and accountability in how public funds are managed.

The 2024 Tax Reform Bill represents a bold step toward strengthening Nigeria’s fiscal framework and building a more effective tax system.