Tax: FG Ponders NIN Registration For Foreigners

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 laws for economic stabilization that the Federal Executive Council decided to pass on Monday.

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The Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed this while briefing State House correspondents at the Presidential Villa Abuja on Wednesday alongside the Senior Special Assistant to the President on Digital Strategy, Engagement and Communications, O’tega Ogra.

Onanuga said the economic stabilization bills which are about twenty in number also include bills to amend the Acts establishing the Nigerian Port Authority and the Nigerian Maritime Administration and Safety Agency (NIMASA).

According to him, the two bills seek to ensure transactions by the two agencies are paid for in Naira.

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He said the decision is part of measures by Tinubu’s administration to promote the national currency and reduce the dollarization of Nigeria’s economy.

Also included in the economic stabilization bills is a tertiary education amendment bill 2024, including an amendment to the Tertiary Education Trust Fund (TETFUND) Act.

The new bill according to Onanuga, when passed into law, will ensure that 30 per cent of TETFUND’s income goes into the Nigerian Education Loan Fund while only 5 per cent of used for TETFUND’s operations.