Economic Stabilisation Bill To Bolster Naira

The Federal government of Nigeria has continued to bolster the Naira against dollar even as the government says parts of the amendment bill submitted to the National Assembly is to guide the operations and ensure payment of all accrued revenues by the Nigerian Maritime Administration and Safety Agency NIMASA, be collected in Naira.

This was made known by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, while briefing on the components of the submitted economic stabilisation bill to the National Assembly.

Onanuga said that the bill when approved will also guide the operations of the Nigerian Port Authority away from solely collecting all fees, charges, levies and fines in dollars to an applicable exchange rate in naira.

“The second one is the operation laws that guides NIMASA and Nigerian port authority, now that amendment is also on Economic Stabilisation Bill and that will enable all their fees charges, levies, fines and other long list accruals to those agencies will now be paid in naira at the applicable exchange rate and then hitherto those agencies were charging in dollars so those agencies can now collect in Naira.

He added that this further affirmed the government’s efforts to strengthen national currency instead of dollarising the Nigerian economy.

N’Assembly Plans Budget Review Over Naira Fall

“This affirms that government wants to place emphasis on our national currency instead of it dollarising our economy ,government is now saying pay in naira, it doesn’t have to be in dollars,” Onanuga said.

AMENDMENT TO NIMC BILL 2024

Also contained in the economic stabilisation bill is the amendment of the National Identity Commission Bill 2004.

Onanuga said the bill as proposed for amendment before the National Assembly is to provide all Nigerians earning income in Nigeria including foreigners, a registered National Identification Number NIN and create opportunity for them to be enlisted on Nigeria’s tax structure.

He added that this is to shore up the nation’s revenue base.

“The economic Stabilisation Bill comprises many bills that they have brought together. some areas of interest includes the plan to amend the National identity commission bill 2024, they call it national identity management commission bill 2024 ,it will amend what was made some years ago and now provides, if the NASS passes the bill, it provides everyone living in Nigeria including foreigners all of them will now be registered and be given NIN once you are based here and you earn income you will be registered and be given NIN , so that you can be taxed by name and this will give you tax identity and you will come under our tax structure.

“That is one of the bills to amend the National identity management commission, that is the law that set it up initially,” the Presidential aide added