The Federal Executive Council (FEC) has initiated the amendment of the National Identity Management Commission (NIMC) Act No. 23, 2007. The amendment seeks to issue National Identification Numbers (NIN) to foreigners residing in Nigeria.
This is to expand the scope of registrable persons, including foreign individuals with a taxable presence or source of income in the country.
What do you need to know?
FEC also proposed the Economy Stabilization Bill to pave the way for the taxation of expatriates and income-earning immigrants in Nigeria.
Mr. Bayo Onanuga, the Special Adviser to the President on Information and Strategy, revealed the new proposals while briefing State House Correspondents at Aso Rock Villa.
“If the National Assembly passes that bill, it provides that everybody living in Nigeria, including foreigners, will now be registered and given NIN.
“Once you are doing some work here and earning income, you will be registered and given an NIN so that you can be taxed.
“Your NIN will give you your tax identity, and you can also be taxed and come under our tax structure. The law that set up the NIMC initially precludes foreigners from being registered.”
Strengthening the Naira: Proposed Amendments
The presidential aide announced a third bill to amend the Nigerian Maritime Administration and Safety Agency Act No.17 of 2007. The amendment aims to allow for the payment of fees and charges in naira to improve the ease of doing business.
In Section 15, a new subsection (2) is added which firmly states, “All fees, charges, levies, fines, and other monies accruing and payable to the Agency under this Act must be paid in Naira at the applicable official exchange rate.”
The government is proposing an amendment to the Nigerian Maritime Administration and Safety Agency (NIMASA) Act No.17, 2007. This would require fees collected by the agency to be paid in Naira instead of dollars, aiming to promote the use of Nigeria’s national currency and reduce the dollarization of the economy.
Onanuga explained, “Hitherto, these agencies were charging in dollars, but now they can always collect it in Naira. This government wants to put a lot of emphasis on our national currency instead of everything being dollarised in our economy. The government is now saying, ‘pay in Naira. Everything doesn’t have to be in dollars.’”
The FEC approved allocating 30% of TETFund receipts to the Nigerian Education Loan Fund.
The proposal would provide significant support for student loans, furthering efforts to improve access to higher education in Nigeria.
The government has introduced these bills as part of its Economic Stabilization Bills (2024) to enhance tax administration, support education financing, and boost the national currency.
