FEDERAL GOVERNMENT IS AMENDING TAX-RELATED CLAUSES INTO A SINGLE BILL TO EXPAND THE COUNTRY”S TAX NET 25-09-24
By Sadiq Aminu The Federal Government is amending tax-related clauses into a single bill to expand the country’s tax net.
The document, known as the Economic Stabilisation Bill, seeks to amend the National Identity Management Commission Act 2024 to legalise the registration of foreigners working in Nigeria, with the intent of collecting tax from them.
While briefing State House correspondents on the component of the Economic Stabilisation Bill, the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, it would equally amend the Acts establishing the Nigerian Maritime Administration and Safety Agency, NIMASA and the Nigerian Port Authority, NPA.
“The Economic Stabilisation Bill is not just a Bill, it comprises many Bills that have been brought together one legislative document”, he explained.
He further explained that, when accented to, NIMASA and NPA would be paid moneys accruing to them would be paid in Naira at the applicable exchange rate.
“This Government wants to pay a lot of emphasis on our national currency, instead of everyday being dollarise in our economy, government is now saying pay in Naira”, Mr. Onanuga added.
Also included in the Economic Stabilisation Bill are the Acts establishing the Territory Education Trust Fund, TETFUND, and Nigerian Education Loan Fund, NELFUND.
Mr Onanuga said by their amendments, TETFUND would transfer 30 percent of its Federal Allocation to NELFUND to sustain it, while NELFUND would be allowed to spend only 5 percent of it on administration.