The Civil Society Legislative Advocacy Centre (CISLAC) has called for an overhaul of Nigeria Tax System for efficiency.
The Centre said these will strengthen the tax administration with the view to expanding the tax based of the country as well as expanding revenue scope to bring more taxable people and businesses into the tax net.
The Program Manager, Chinedu Bassey stated this at a one-day stakeholders media dialogue on policies gaps and alternatives in fiscal transparency within the financing for development (F4D) theory of change under the Oxfam’s global strategic partnership program in Abuja on Thursday.
On the inclusive public finance framework, he said governments at all levels should develop an inclusive public finance framework with a clear resource mobilization plan that looks beyond oil revenue.
According to him, the framework should make provision for the diversification of oil revenue beyond sales of crude and other accruable rent.
He also said there is the need for Nigeria crude products to be refined locally, and this entails ensuring holistic overhaul of the nation’s four refineries to function in full capacity and possible building of new ones.
He said with these, it will prevent the loss of huge resources due to crude swapping.
He also said the federal government should ensure the efficient management of the oil sector by ensuring passage, assent and functioning of the Petroleum Industry Fiscal Bill.
“By these, it will bring an end to the porous resource mobilization and management regime that dominate the oils industry.
“Due to obsolete laws and Memorandum of Understanding (MoU), Nigeria has not been able to harness the potential of its oil tax revenue.
“There is a need to review all the MoU governing Nigeria oil sector relationships and tax agreement,” he said.