The Federal Government has sent the Economic Stabilisation Bill to the National Assembly in an attempt to fortify Nigeria’s naira against the US currency. The purpose of the law is to establish guidelines for the Nigerian Port Authority and the Nigerian Maritime Administration and Safety Agency (NIMASA) so that all accumulated revenues are collected in naira.
The bill will allow NIMASA and the Nigerian Port Authority to collect taxes, penalties, levies, and fines in naira at the applicable exchange rate rather than just in dollars, according to Mr. Bayo Onanuga, Special Advisor to the President on Information and Strategy. He clarified that the action was a component of the government’s attempts to fortify the currency and stop the economy from becoming dominated by the dollar.
“Paids will now be made in naira, eliminating the need for dollars, as the government wants to emphasise the use of our national currency,” he stated. According to Onanuga, the 2004 National Identity Commission Bill is likewise intended to be amended by the Economic Stabilisation Bill.
The updated bill aims to grant a National Identity Number (NIN) to all Nigerians, including foreign nationals who are employed in the nation. This will make it possible for them to be included in Nigeria’s tax system, strengthening the country’s overall income base.
The Economic Stabilisation Bill, which aims to improve Nigeria’s economic stability and growth, has already been approved by the Federal Executive Council (FEC).
According to him, “The Economic Stabilisation Bill comprises multiple bills, including the amendment to the National Identity Management Commission Bill 2004,” Onanuga noted.
“This will register everyone living in Nigeria, including foreigners, and provide them with a NIN, enabling taxation by name and integration into our tax structure.”
