The federal government is proposing a significant change in how the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA) collect charges, fines, and other fees. Instead of using foreign currencies, these agencies will now collect payments in naira at the applicable exchange rate. This proposal is part of the economic stabilisation bills (ESBs) to be presented by President Bola Tinubu to the national assembly, aiming to prioritize the use of naira and reduce pressure on the foreign exchange market.<\/p>\n
According to Bayo Onanuga, Special Adviser to the President on Information and Strategy, this move is crucial in reducing the country’s reliance on foreign currencies. “This government wants to put a lot of emphasis on our national currency instead of everything being dollarised in our economy,” Onanuga stated.<\/p>\n
The country’s currency has significantly deteriorated since the unification of the naira on June 14, depreciating from N471.67 per dollar to N1667.42\/$ in the official market. To address this, the federal government plans to commence the sale of crude oil in naira to the Dangote refinery and other local refineries starting October 1.<\/p>\n
Additionally, the proposed economic stabilisation bills include a provision requiring all foreigners in Nigeria to register for the National Identification Number (NIN). This registration will enable taxation and provide a tax identity for foreigners earning income in the country. While some have expressed concerns about this proposal, it’s essential to note that Section 16 of the NIMC Act 2007 already mandates permanent residents and foreigners who are legal residents in the country for two years or more to register.<\/p>\n","protected":false},"excerpt":{"rendered":"
The federal government is proposing a significant change in how the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA) collect charges, fines, and other fees. Instead of using foreign currencies, these agencies will now collect payments in naira at the applicable exchange rate. This proposal is part of the economic […]<\/p>\n","protected":false},"author":16,"featured_media":50103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[177],"tags":[1466],"class_list":["post-50102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-abuja-reports","tag-nimasa"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/50102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=50102"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/50102\/revisions"}],"predecessor-version":[{"id":50108,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/50102\/revisions\/50108"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/50103"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=50102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=50102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=50102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}