Tax: FG mulls NIN registration for foreigners

The proposed legislation requires that all individuals residing in Nigeria, including foreigners, be registered and assigned a National Identity Number (NIN) for taxation purposes.

This initiative is part of the economic stabilization bills approved during the Federal Executive Council meeting today.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, shared this information while addressing State House correspondents at the Presidential Villa in Abuja today, alongside O’tega Ogra, Senior Special Assistant to the President on Digital Strategy, Engagement and Communications.

Onanuga noted that the economic stabilization package comprises approximately twenty bills, including proposed amendments to the Acts that govern the Nigerian Port Authority and the Nigerian Maritime Administration and Safety Agency (NIMASA).

He explained that these two bills aim to ensure that transactions conducted by these agencies are paid for in Naira.

This move is part of Tinubu’s administration’s strategy to strengthen the national currency and mitigate the dollarization of Nigeria’s economy.

Additionally, the economic stabilization package includes a tertiary education amendment bill for 2024, which seeks to revise the Tertiary Education Trust Fund (TETFUND) Act.

According to Onanuga, if enacted, the new legislation will mandate that 30 percent of TETFUND’s income be allocated to the Nigerian Education Loan Fund, while only 5 percent will be designated for TETFUND’s operational expenses.