President Bola Tinubu said on Tuesday, April 30, that he recently signed an Executive Order that to unlock about $10 billion in fresh investments in the nation’s oil and gas sector.
He said further that “the Executive Order also streamlines contracting processes, procedures, and timelines from 36 months to 6 months. The order also seeks to ensure that local content requirements are implemented without impeding investments or the cost competitiveness of oil and gas projects”. “I am confident that when the time comes, the governing partnership we have established between the Executive and the Legislature will ensure that these changes are effected swiftly to benefit our nation.”
“In a World Bank document titled “Legislative Oversight and Budgeting: A World Perspective,” Thomas Frederick Remington wrote “for legislators to effectively fulfil their roles of representation, oversight, and law-making, a certain level of cooperation between the Legislature and the Executive in policymaking is essential.
“These reforms, while necessary and, in some cases, long overdue, are not without their challenges. I am deeply grateful for your unwavering support and understanding during these times. Your understanding and support have been invaluable, and I am confident that with our continued collaboration, we can overcome any challenges that lie ahead.
The Speaker said further that the commitment and foresight shown by the government in addressing economic challenges deserve commendation, adding that “it is imperative that we, as legislators, align our efforts to support and enhance these endeavours.” He said further that the retreat allows the lawmakers to take a deep dive into the tax reforms instituted by President Tinubu and undertake a review of the implementation of the Petroleum Industry Act .
He said further that Nigeria’s tax revenue struggles are primarily due to narrow bases for indirect taxes, low compliance rates among taxpayers, substantial tax exemptions, and generally low tax rates. He argued that several empirical studies have shown that Nigeria has the potential to further increase revenue if priority tax reforms are implemented, adding that the House stands ready to support the Executive to achieve its overall goal of reversing the negative trend.
Abbas said the realisation of these outcomes depends on the ability of the political and oil industry leaders to address several significant challenges, including interpretative challenges due to ambiguous language, which could lead to disputes and uncertainty in its implementation. Kalu put the nation’s tax collection at about 10.8 percent of GDP, adding that the statistics is according to data from the Federal Inland Revenue Service and the National Bureau of Statistics .
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