Oredola Adeola

The Presidential Committee on Fiscal Policy and Tax Reforms (PCFPTR) has agreed to partner with the Nigeria Extractive Industries Transparency Initiative (NEITI) to leverage the findings and recommendations contained in its oil & gas and extractive industry reports to advance economic policy initiatives, leveraging accurate data to promote transparency, accountability, and stakeholder engagement.

Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, made this known on Thursday during a meeting with Dr Ogbonnaya Orji, Executive Secretary of NEITI, held at the NEITI House Abuja.

According to the PCFPTR Chairman, NEITI is a key partner to assist in fulfilling the Committee’s mandate, leveraging on its significant contributions to the extractive sector to enhance the accuracy of data and transparency in revenue generation.

The Chairman of PCFPTR in his comment stated 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, according to him, 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.

Oyedele further said, “PCFPTR is 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.

“The third pillar or mandate of the committee is economic growth facilitation and competitiveness with focus on removal of impediments for businesses to thrive, grow, 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,” Oyedele said.

The NEITI Executive Secretary in his remark stated 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.

He said, “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.

“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.