Accurate data and information in NEITI’s annual audit reports in the oil, gas, and mining sectors of the country’s economy are crucial for the development of fiscal policies, planning, and tax reforms by the government, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has said.
Oyedele spoke in Abuja during a meeting with the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Orji Ogbonnaya Orji.
At the end of the meeting, both Chief Executives agreed to work in partnership and collaborate on the deployment of reliable data, and public disclosure to support ongoing governance and institutional reforms and public finance management.
Receiving the delegation to NEITI House, 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 aligned 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 was always available to provide information and data as contained in its annual oil, gas, solid minerals and the Fiscal Allocation and Statutory Disbursement Reports and urged the Committee on the need to utilize the findings and recommendations to advance the government’s economic policy initiatives for the benefit of the citizens.
Responding, Oyedele commended NEITI for the work that the agency was doing in the extractive sector and maintained that such efforts were the reason behind NEITI’s selection by the Committee as one of the key agencies to support the Committee with data and information that would 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.
Oyedele said the Committee was 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, to support the Committee in the area of information and data.
He further explained that the third pillar or mandate of the Committee was economic growth facilitation and competitiveness, with focus on removal of impediments for businesses to thrive, growth, provision of jobs and generation of revenues.
Under the first phase of the Committee’s work classified as the ‘quick wins’, Oyedele announced that it submitted a report with over 20 recommendations to the President, three of which have been fully implemented.
He highlighted that the Committee was fully focused on its second phase tagged critical reforms, which, among other things, would require amendments to some existing laws.
“The Committee is already engaging the National Assembly and sub-national government on the issues that concern them, while the third phase will be on implementation and change management,” he said.
He expressed the hope that the outcome of the Committee’s work would transform to revenue growth for Nigeria.
While inviting NEITI to be a partner with the Committee, Oyedele said the transparency agency was co-opted into the Committee in recognition of the vast knowledge, competence and integrity of the agency in helping the Committee to streamline fiscal policies, optimize tax structures, and improve revenue collection mechanisms.
Oyedele remarked that by harnessing data-driven insights and best practices, both entities would strive to create an enabling environment for investment, job creation, and economic growth.
The collaboration between the two agencies, he pointed out, would prioritize initiatives aimed at enhancing transparency, accountability, and integrity in the management of Nigeria’s extractive resources through the 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 organizations and the general public, to actively support and participate in these collective efforts.
