Stabilisation Bill Aims To Strengthen Naira Against Dollar – Presidency

The presidency is pressing ahead with efforts to strengthen the naira against the dollar, with a proposed Economic Stabilisation Bill submitted to the National Assembly.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, highlighted this during a briefing on the bill’s components, noting that it is designed to support the stability of the national currency.

Key aspects of the bill include measures ensuring that the Nigerian Maritime Administration and Safety Agency (NIMASA) collects all accrued revenues in naira, rather than dollars.

Onanuga explained that the bill, if passed, will also direct the Nigerian Ports Authority (NPA) to shift from collecting fees, charges, levies, and fines exclusively in dollars to using an applicable naira exchange rate.

“The second part of the bill covers the operation laws guiding NIMASA and the Nigerian Ports Authority. The amendment will ensure that all their fees, charges, levies, fines, and other accruals are now paid in naira at the applicable exchange rate.

Previously, these agencies charged in dollars, but now they can collect in naira,” he said.

Onanuga emphasised that the move underscores the government’s commitment to strengthening the naira and curbing the dollarisation of the economy.

“This affirms that the government is prioritising our national currency. It’s no longer necessary to make payments in dollars; the government is saying pay in naira,” he added.

The bill also includes an amendment to the National Identity Management Commission (NIMC) Bill of 2004.

According to Onanuga, the amendment seeks to require all individuals earning an income in Nigeria, including foreigners, to register for a National Identification Number (NIN) and be integrated into the nation’s tax system.

He noted that the aim is to boost Nigeria’s revenue base.

“The Economic Stabilisation Bill brings together several important amendments. One of these is the proposed change to the National Identity Management Commission Bill of 2024.

If passed, it will mandate that everyone living in Nigeria, including foreigners earning income here, be registered and issued a NIN.

This registration will provide a tax identity and bring them under our tax structure,”Onanuga explained.

He further noted that the law, once amended, will enhance the government’s ability to track taxable individuals and improve revenue collection.

“That’s one of the key amendments to the National Identity Management Commission – the law that originally established it,” he concluded.