President Bola Tinubu is set to send an executive bill to the National Assembly seeking amendments to the National Identity Management Commission (NIMC) Act. The proposed bill aims to ensure that everyone living in Nigeria, including foreigners, is registered and assigned a National Identity Number (NIN) for tax purposes.
This initiative is part of a series of economic stabilization bills approved by the Federal Executive Council during its meeting on Monday. The Special Adviser to the President on Information and Strategy, Bayo Onanuga, shared this information during a briefing at the Presidential Villa, Abuja, alongside Senior Special Assistant on Digital Strategy, O’tega Ogra.
Onanuga explained that the economic stabilization package includes around 20 bills, one of which focuses on amending the Acts establishing the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA). The amendments would require transactions by both agencies to be conducted in Naira, as part of the government’s efforts to strengthen the national currency and reduce dollar dependency in the Nigerian economy.
In addition, the economic stabilization bills include a 2024 tertiary education amendment bill, with significant changes to the Tertiary Education Trust Fund (TETFUND) Act. Once enacted, the new law would allocate 30% of TETFUND’s revenue to the Nigerian Education Loan Fund, while only 5% would be used for TETFUND’s administrative operations.
