Economic Stabilization Bill to strengthen naira against dollar – Presidency

IN a determined effort to strengthen Nigeria’s naira against the dollar, the Federal Government has sent to the National Assembly, Economic Stabilisation Bill

The bill aims to guide the operations of the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority, ensuring that all accrued revenues are collected in naira.

Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, said the bill will enable NIMASA and the Nigerian Port Authority to collect fees, charges, levies, and fines in naira at the applicable exchange rate, rather than solely in dollars.

He explained that the move was part of the government’s efforts to strengthen the national currency and prevent dollarization of the economy.

He said, “As the government wants to emphasize the use of our national currency, payments will now be made in naira, eliminating the need for dollars.”

Onanuga said the Economic Stabilisation Bill also proposes amendments to the National Identity Commission Bill 2004.

The revised bill seeks to provide all Nigerians, including foreigners earning income in the country, with a registered National Identification Number (NIN).

This will enable them to be enlisted in Nigeria’s tax structure, ultimately shoring up the nation’s revenue base.

According to him, “The Economic Stabilisation Bill comprises multiple bills, including the amendment to the National Identity Management Commission Bill 2004,” Onanuga noted.

“This will register everyone living in Nigeria, including foreigners, and provide them with a NIN, enabling taxation by name and integration into our tax structure.”

The Federal Executive Council (FEC) has already approved the Economic Stabilization Bill, aimed at enhancing Nigeria’s economic stability and growth.