Presidency: Economic Stabilisation Bill To Bolster Naira Against Dollar

Nigeria’s government will continue to bolster the naira against dollar which is part of the amendment to Economic Stabilisation Bill.

Nigeria’s federal government will continue to bolster the naira against dollar which is part of the amendment to Economic Stabilisation Bill already submitted to the National Assembly to guide the operations and ensure that payment of all accrued revenues by the Nigerian Maritime Administration and Safety Agency (NIMASA) are henceforth collected in Naira.

Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, stated this on Wednesday while briefing newsmen at the State House, Abuja on the components of the economic stabilization bill before the legislative arm for approval.

According to him, the bill when approved will also guide the operations of the Nigerian Port Authority away from solely collecting all fees, charges, levies and fines in dollars to an applicable exchange rate in naira.

“The second one is the operation laws that guide NIMASA and Nigerian Port Authority, now that amendment is also on Economic Stabilisation Bill and that will enable all their fee charges, levies, fines and other long list accruals to those agencies to be paid in naira at the applicable exchange rate and then those agencies that were hitherto charging in dollars can now collect in naira.

He added that this further affirmed government’s efforts at strengthening national currency instead of dollarising the Nigerian economy.

“This affirms that government wants to place emphasis on our national currency instead of it dollarising our economy, government is now saying pay in naira ,it doesn’t have to be in dollars”, Onanuga further said.

Also contained in the economic stabilisation bill is the amendment to the National Identity Commission Bill 2004, Onanuga said the bill as proposed for amendment before the National Assembly is to provide all Nigerians earning income in Nigeria including foreigners, a registered National Identification Number NIN and create opportunity for them to be enlisted on Nigeria’s tax structure.

He added that this is to shore up the nation’s revenue base.

His words: “The economic Stabilisation Bill comprises many bills that they have brought together. some areas of interest includes the plan to amend the National identity commission bill 2024, they call it national identity management commission bill 2024, it will amend what was made some years ago and now provides, if the NASS passes the bill, for everyone living in Nigeria including foreigners all of them will now be registered and be given NIN once you are based here and you earn income you will be registered and be given NIN, so that you can be taxed by name and this will give you tax identity and you will come under our tax structure.

“That is one of the bills to amend the National identity management commission, that is the law that set it up initially.” the Presidential aide said.

The federal government also disclosed that

Tertiary Education Trust Fund (TETFUND) will now set aside 30 percent of its initial allocation from the Federation Account to support the disbursement of loans by the Nigerian Education Loan Fund (NELFUND) to students.

Onanuga stressed that the amendment to the TETFUND 2011 Act as contained in the economic stabilization fund is an important element that affects the Nigerian students.

He said: “The other one is Tertiary Education Trust Fund Amendment Bill 2024, why it is important is that it has an element there that affects the Nigeria student loan education fund. Some of us have been wondering how we are going to fund the NELFUND, the government has an answer most of the funding will come from the money going to TETFUND.

“So there is an amendment to the TETFUND 2011 Act, that now says the fund shall fund disbursement of NELFUND, this means that Tetfund before it disburses the amount in its fund, it shall set aside initial one third of the amount to be transferred to the Nigeria Education Loan Fund that is 30 percent. Whatever TETFUND gets from the Federation Account will now be passed on as ready made source of fund to NELFUND”.