At a two-day retreat in Abuja organized by Members of the House of Representatives on Economic Transformation and Development Towards Effective Implementation of the Petroleum Industry Reform Act (2021) and Tax Reforms/Modernization, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, highlighted the transformative potential of the Petroleum Industry Reform Act (2021).
Represented by the FCT Minister of State, Dr. Mariya Mahmoud, Wike emphasized that the Act has opened avenues for increased investment, innovation, and job creation in Nigeria. He described the Act as a pivotal moment in the nation’s history, setting the stage for a more transparent, efficient, and competitive petroleum industry.
Wike stressed that the Act’s full impact would depend on its effective implementation. In a statement by the Special Assistant Media to the Minister of State, Austine Elemue, Wike commended the Speaker and leadership of the House of Representatives for organizing the retreat, highlighting their commitment to serving the Nigerian people.
According to him, “Your role as legislators is pivotal in shaping policies that drive economic growth, foster innovation, and ensure equitable development for all Nigerians.
“As representatives of the people, it is incumbent upon us to ensure that the provisions of this Act are translated into tangible benefits for all Nigerians.
“We must work tirelessly to foster an enabling environment for investment, promote local content participation, and uphold the highest standards of governance and accountability in the petroleum industry”.
While noting that the imperative of tax reform and modernization could not be overstated, the nation’s tax system must evolve to reflect the dynamic nature of the economy and the realities of the 21st century.
“By simplifying tax procedures, closing loopholes, and incentivizing compliance, we can enhance revenue generation, promote investment, and spur economic growth,” he affirmed.
