The political landscape in Nigeria is constantly evolving, with new reforms and initiatives that seek to improve the country’s governance and economy. Recently, Bayo Onanuga, the Special Adviser to the President on Information and Strategy, shared key information on important bills during a briefing at the Presidential Villa on September 25, 2024.
One of the reforms discussed is the amendment of the law establishing the NIMC, which initially excluded foreigners from obtaining a NIN. Onanuga announced that if the bill is passed by the National Assembly, all expatriates living in Nigeria will be issued an identification number. This would allow for better tax regulation, by allowing every individual working and earning income in Nigeria to be registered and issued a NIN, thereby facilitating more efficient tax collection.
In addition, another bill seeks to amend the Nigerian Maritime Safety and Administration Agency (NIMASA) Act, 2007, by requiring the payment of fees and charges in naira. This amendment is intended to encourage the use of the national currency for agency-related transactions, rather than the dollar. This is part of a broader drive to strengthen the national currency and reduce reliance on the dollar in the country’s economy.
These reforms underscore the government’s commitment to improving the business environment in Nigeria, by simplifying procedures for citizens and businesses, while enhancing transparency and efficiency in regulations. It is essential that these initiatives are well thought out and implemented responsibly to ensure sustainable and inclusive economic growth for all stakeholders in society.
In conclusion, the legislative reforms proposed by the government must be closely monitored to ensure that they are responsive to Nigeria’s current needs and challenges. Efforts to strengthen the identification of residents and expatriates, as well as promote the use of the naira in domestic transactions, are important steps towards a more diversified and resilient economy. These initiatives signal a positive change in the country’s governance and demonstrate the government’s commitment to adopting progressive policies to drive economic and social development.