The National Identity Management Commission Act No. 23, 2007, is set to be amended by the Federal Executive Council (FEC) to permit foreign nationals residing in Nigeria to get a National Identification Number. The Economy Stabilization Bill, which seeks to tax foreign nationals residing and employed in Nigeria, is also included in the proposed legislation. The proposed law requires the use of National Identity Numbers for tax administration transactions and broadens the definition of registrable persons to include overseas nationals having taxable presence or income in Nigeria. The new bill would tax foreign nationals who earn a living and expatriates. If it were to become law.
This was disclosed during a briefing by Mr. Bayo Onanuga, the Special Advisor to the President on Information and Strategy, to State House Correspondents on Wednesday at the Aso Rock Villa in Abuja. According to Onanuga, “Everyone residing in Nigeria, including foreigners, will now be registered and given NIN if the National Assembly passes that bill.”
You will be registered and issued a NIN so that you can be taxed once you start working here and making money.
You can be subject to our tax framework and be taxed; your NIN will provide you with your tax identification. Foreign nationals are initially prohibited from registering by the law that established the NIMC.
A third bill, which would “provide for the payment of fees and other charges in naira to improve the ease of doing business and for related matters,” was unveiled by the presidential assistant with the intention of amending the Nigerian Maritime Administration and Safety Agency Act No.17, 2007.
A new subsection (2), “All fees, charges, levies, fines and other monies accruing and payable to the Agency under this Act may be paid in Naira at the applicable official exchange rate,” is added to Section 15, amending it.
“These agencies were charging in dollars before, but now they can always collect it in Naira,” Onanuga clarified. Rather than having our entire economy denominated in US dollars, this government would like to place a strong focus on our own currency. “Pay in Naira,” the government is now stating. Not everything has to be expressed in US dollars. This change aims to promote the use of the Naira and reduce reliance on foreign currency in transactions within the country. It is a step towards strengthening our national currency and promoting economic independence.
