The Nigerian government has recently put forward a series of economic measures aimed at strengthening the country’s financial framework. The Economic Stabilisation Bills, approved by the Federal Executive Council, include a proposal to amend the NIMC Bill 2024. The bill seeks to extend registration in Nigeria to all residents, including foreigners, to provide them with a tax identification. This would ensure that any person working and earning income in the country would be registered and subject to the tax system, breaking with previous legislation that excluded foreigners from this requirement.
In parallel, other bills are also under consideration, including amendments to the legislation governing the Nigerian Maritime Agency and the Nigerian Ports Authority. The proposals provide that fees, charges, levies and fines payable to these bodies will now be denominated in naira at the applicable exchange rate, thereby placing greater emphasis on the national currency and reducing reliance on the dollar in the country’s economy.
Another aspect of the Economic Stabilisation Bills is the amendment of the Tertiary Education Trust Fund to incorporate a component relating to the Nigeria Education Loan Fund. These adjustments will partially finance loans to Nigerian students by transferring a portion of the funds from the Tertiary Education Trust Fund to the Education Loan Fund. This is aimed at ensuring adequate funding for the student loan fund.
In approving these measures, the government seeks to improve the overall economic framework of Nigeria. These initiatives reflect the desire to promote fiscal identity, strengthen the national currency and support higher education through innovative financing measures. These various proposals mark an important step towards a more stable and resilient Nigerian economy, ready to face future challenges and foster sustainable growth.