TAX:FG MULLS FOREIGNERS NIN REGISTRATION
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President Bola Tinubu is to present to the National Assembly an executive bill that aims to reform the National Identity Management Commission (NIMC) Act.
In order to be subject to taxes, the law would require all residents of Nigeria, including foreign nationals, to register and get a National Identity Number (NIN).
This is one of the bills for economic stabilization that the Federal Executive Council decided to pass on Monday.
This was revealed on Wednesday at the Presidential Villa in Abuja during a briefing with State House correspondents by Special Assistant to the President on Digital Strategy, Engagement, and Communications, Bayo Onanuga, and Senior Special Assistant to the President, O’tega Ogra.
According to Onanuga, among the roughly twenty proposals pertaining to economic stability are those that seek to change the Acts that established the Nigerian Port Authority and the Nigerian Maritime Administration and Safety Agency (NIMASA).
He claims that the two bills aim to guarantee that payments for transactions made by the two agencies are made in Naira.
He said the move is a component of Tinubu’s administration’s efforts to strengthen the value of the national currency and lessen the extent to which Nigeria’s economy is dollarized.
A tertiary education modification bill 2024, which amends the Tertiary Education Trust Fund (TETFUND) Act, is also included in the economic stability laws.
According to Onanuga, if the new bill is approved and becomes law, 30% of TETFUND’s earnings will go into the Nigerian Education Loan Fund, with the remaining 5% going toward TETFUND’s operational expenses.
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