NEITI, FIRS Collaborate on Revenue Generation

NEITI, FIRS Collaborate on Revenue Generation
Mohammed Nami, executive chairman of the Federal Inland Revenue Service (FIRS), says a proposal has been sent to the federal government for a law on road tax.

The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Federal Inland Revenue Service (FIRS), have expressed their commitment to recovering revenue disclosed in the NEITI audit reports of the oil, gas, and solid minerals sectors.

The two bodies made the commitment during a meeting led by their chief executives, including Dr. Orji Ogbonnaya Orji and Muhammad Mamman Nami respectively.

Speaking at the occasion, Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, said that the agencies needed to collaborate in the implementation of the remedial issues highlighted in the NEITI industry reports especially in the recovery of all outstanding government revenues from the extractive sector.

“We are cooperating with the FIRS to jointly recover potential government revenues and all other outstanding payments by extractive industry companies due to under-declaration and computation of taxes, as exposed in NEITI reports. This has become urgent considering the growing pressure on government resources in the face of dwindling revenue generation. We need to get these funds back into government coffers,” Orji said.

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