Nigeria
FG Considers NIN Registration for Foreigners in New Tax Initiative
The Federal Government is exploring the idea of requiring foreigners to register for a National Identification Number (NIN) as part of a new tax policy. Discover the potential impact of this proposal.
An executive proposal aimed at revising the National Identity Management Commission (NIMC) Act is set to be submitted by President Bola Tinubu to the National Assembly.
This proposal mandates that all individuals residing in Nigeria, including foreign nationals, must be registered and assigned a National Identity Number (NIN) for taxation purposes.
This initiative is part of a series of economic stabilization measures that received approval during the Federal Executive Council meeting convened on Monday.
Bayo Onanuga, the Special Adviser to the President on Information and Strategy, made this announcement while addressing State House reporters at the Presidential Villa in Abuja on Wednesday, accompanied by O’tega Ogra, the Senior Special Assistant to the President on Digital Strategy, Engagement, and Communications.
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Onanuga noted that the economic stabilization measures encompass approximately twenty bills, which also include proposals to amend the legislation governing the Nigerian Port Authority and the Nigerian Maritime Administration and Safety Agency (NIMASA).
He explained that these two bills aim to ensure that all transactions conducted by these agencies are settled in Naira.
This decision is part of the Tinubu administration’s strategy to bolster the national currency and mitigate the dollarization of Nigeria’s economy.
Additionally, the economic stabilization measures include a proposed amendment to the Tertiary Education Act for 2024, which also seeks to revise the Tertiary Education Trust Fund (TETFUND) Act.
According to Onanuga, if enacted, this new legislation will allocate 30 percent of TETFUND’s revenue to the Nigerian Education Loan Fund, while only 5 percent will be designated for TETFUND’s operational expenses.