News

Nigerian Govt Proposes NIN Registration, Taxation For Foreigners In Nigeria

Published

3 months ago

Sep 26, 2024.

The Federal Executive Council (FEC) has proposed amendments to the National Identity Management Commission (NIMC) Act of 2007, seeking to include foreigners living and working in Nigeria in the National Identification Number (NIN) registration system.

The proposed Economy Stabilization Bill would enable the taxation of expatriates and immigrants with taxable income in Nigeria, mandating the use of NIN for tax-related transactions.

EDITOR’S PICKS

EKO HOT BLOG reports that the new legislation aims to expand registrable persons to include foreign individuals with taxable presence, allowing them to be taxed under Nigeria’s laws.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, shared this development during a briefing in Abuja on Wednesday.

He explained that once the National Assembly passes the bill, all residents, including foreigners earning income, will be required to register for NIN, which will serve as their tax identity. The existing NIMC law initially excluded foreigners from registration.

NIN Registration Foreigners

Additionally, Onanuga announced a third bill seeking to amend the Nigerian Maritime Administration and Safety Agency (NIMASA) Act, ensuring that all payments and fees under the agency’s jurisdiction are made in Naira rather than dollars.

This amendment is part of the government’s effort to promote the national currency and reduce dollarization in Nigeria’s economy.

“The government is emphasizing payments in Naira to strengthen the currency and reduce reliance on the dollar,” Onanuga stated.