In an economic context where the issue of monetary stability occupies a central place, Nigeria, under the leadership of the Federal Government, is demonstrating a strong desire to strengthen its national currency, the naira, against the dollar. A crucial initiative was undertaken by sending the Economic Stabilization Bill to the National Assembly. This text mainly aims to regulate the activities of the Nigeria Maritime and Security Agency (NIMASA) as well as the country’s Ports Authority, with the objective of ensuring that all revenue collected is in naira.
The Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, stressed that this bill will enable NIMASA and the Nigeria Ports Authority to collect fees, charges, taxes and fines in naira, based on the prevailing exchange rate, rather than in dollars. This decision is part of the government’s efforts to strengthen the national currency and avoid the dollarization of the economy.
Furthermore, the Economic Stabilisation Bill also provides for amendments to the National Identity Commission Bill, 2004. The objective of the amendment is to provide all Nigerians, including foreigners earning income in the country, with a registered National Identification Number (NIN). This will enable them to be integrated into the Nigerian tax structure, thereby strengthening the national revenue base.
Councillor Onanuga said: “The Economic Stabilisation Bill has several components, one of which is the amendment of the National Identity Commission Bill, 2004.” He added: “This will ensure that all residents of Nigeria, including foreigners, are registered and given a NIN, thereby facilitating taxation by name and integration into our tax structure.”
The Federal Executive Council has already approved the Economic Stabilisation Bill, which is aimed at enhancing Nigeria’s economic stability and growth. This initiative reflects the government’s commitment to implementing concrete measures to strengthen the national economy and ensure a more secure financial future for the country. By working to strengthen its currency and modernize its fiscal policies, Nigeria is positioning itself as a major player in the management of its economic and financial resources.