President Bola Tinubu is set to forward an executive bill to the National Assembly aimed at amending the National Identity Management Commission (NIMC) Act.
The proposed legislation mandates that everyone residing in Nigeria, including foreigners, must register for a National Identity Number (NIN) to facilitate taxation.
This initiative is part of a broader package of economic stabilization bills approved during Monday’s Federal Executive Council meeting. Bayo Onanuga, Special Adviser to the President on Information and Strategy, shared details of the bill during a briefing at the Presidential Villa in Abuja, alongside O’tega Ogra, Senior Special Assistant on Digital Strategy, Engagement and Communications.
Onanuga noted that the economic stabilization package consists of approximately twenty bills, including amendments to the Acts that establish the Nigerian Port Authority and the Nigerian Maritime Administration and Safety Agency (NIMASA).
These amendments aim to ensure that all transactions by these agencies are conducted in Naira, supporting efforts to bolster the national currency and reduce the reliance on foreign currencies in Nigeria’s economy.
Additionally, the economic stabilization bills encompass a proposed amendment to the Tertiary Education Trust Fund (TETFUND) Act for 2024. Onanuga explained that, if passed, this amendment will allocate 30 percent of TETFUND’s income to the Nigerian Education Loan Fund, while limiting operational expenditures to just 5 percent.
