TETFUND, NEITI Collaborate to Address Revenue Gaps in Extractive Sector
Abuja, Nigeria – In a bid to enhance revenue transparency and accountability in Nigeria’s extractive industry, the Tertiary Education Trust Fund (TETFUND) and the Nigeria Extractive Industries Transparency Initiative (NEITI) have agreed to strengthen their collaboration. The partnership aims to close gaps in revenue payments made by extractive companies to the Federal Government through the Federal Inland Revenue Service (FIRS).
The call for collaboration was made by the Executive Secretary of TETFUND, Arc. Sonny Echono, during his working visit to the NEITI headquarters in Abuja on Wednesday. Echono emphasized the need for clarity on tax compliance by extractive companies to ensure they meet their financial obligations to the government. He also stressed the importance of revenue transparency in reporting to eliminate discrepancies between companies’ payments and their disclosures to the FIRS.
Echono stated that access to accurate data from NEITI would enable TETFUND to expand its support for infrastructural development in tertiary institutions across Nigeria. “There is a need for clarity on tax compliance by extractive companies to ensure they pay what they ought to pay. Revenue transparency in reporting will also ensure there are no gaps between companies’ payments and their disclosures to the FIRS,” he said. He further expressed confidence in the credibility of NEITI’s data, noting its importance in guiding TETFUND’s interventions in the education sector.
In response, the Director General of NEITI, Dr. Ogbonnaya Orji, pledged NEITI’s support to TETFUND in identifying and addressing compliance gaps in the extractive sector. He highlighted NEITI’s expertise in financial auditing and revenue tracking, which he said would enhance accountability in the utilization of education tax funds.
Dr Orji also called for partnership and technical support from TETFUND to complete the NEITI data centre, describing it as a strategic investment. “To enhance decision-making, policy formulation, and resource allocation to critical educational needs, collaboration with TETFUND is essential. Completing the NEITI data centre will further strengthen our capacity to deliver on our mandate,” he said.
The collaboration between TETFUND and NEITI is expected to foster greater transparency in revenue collection from the extractive sector, ensuring that funds are effectively channelled towards the development of Nigeria’s tertiary education system.
