Economy
MR Bayo Onanuga, Special Adviser to the President, Information and Strategy, says foreigners earning income in Nigeria will henceforth pay taxes under a proposed amendment to the National Identity Management Commission (NIMC) Bill, 2024.
Onanuga said this while briefing State House correspondents on Wednesday in Abuja.
He said the proposed NIMC bill was part of the Economic Stabilisation Bills approved by the Federal Executive Council (FEC) on Monday, soon to be forwarded to the National Assembly for consideration.
Onanuga said the Economic Stabilisation Bills comprised many bills, which included a bill on the plan to amend the NIMC bill, 2024.
“This bill will amend the law that was made some years ago, and it now provides, if the National Assembly passes that bill, that everybody living in Nigeria, foreigners, all of them will now be registered and be given tax identity.
“Once you are doing some work here and you are earning income, you will be registered and given tax identity and you will be taxed, and you come under our tax structure.
“The law that was set up initially precluded foreigners from being registered, and so they were not taxed,” said Onanuga.
He said another bill, which was part of the Economic Stabilisation Bills, had to do with the operating laws guiding the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA).
“Now, amendments are also proposed so that all their fees, charges, levies, and fines accruing to them will now be paid in Naira at the applicable exchange rate.
“Presently those agencies are only charging in dollars, but with the proposed bill, they will now charge in Naira.
“This government wants to put a lot of emphasis on our national currency. Instead of everything being dollarised in our economy, the government is now saying, pay in Naira,” said Onanuga.
According to him, another bill, which is a component of the Economic Stabilisation Bills, is the Tertiary Education Trust Fund Amendment Bill 2024, an element of the Nigerian Education Loan Fund.
“Some people may have been wondering, how are we going to fund the loans we are giving to Nigerian students? Well, I think the government has provided an answer.
“Most of the funding will also come from the money going to the Tertiary Education Trust Fund,” he said.
He said an amendment had been proposed to the Tertiary Education Trust Fund Act, which stipulated that before disbursement of the amount in the fund, 30 per cent would be transferred to the Nigerian Education Loan Fund.
He said that would provide a ready-made source of funding for the Nigerian Student Loan Fund.
The News Agency of Nigeria (NAN) reports that FEC approved the Economic Stabilisation Bills, which proposed specific measures, draft laws, and policies aimed at improving the overall economic environment.
The Economic Stabilisation Bills also include proposals for the amendment of the Foreign Exchange Act, Companies Income Tax Act and Fiscal Responsibility Act. (NAN)
Photo Captions: Mr Bayo Onanuga, Special Adviser to the President, Information and Strategy and Mr O’tega Ogra, Senior Special Assistant to the President, Digital Communication and Engagement, briefing State House correspondents on Wednesday
25th September, 2024.
C.E.
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