Economic Stabilisation Bill – FG, TETFUND, NPA

The Federal Government has proposed amendments to various economic laws with the aim of stabilizing the economy and improving revenue generation. These proposed changes, presented by Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, at a recent briefing, include:

• The National Identity Management Commission (NIMC) Bill 2024, which aims to register all income earners in Nigeria, including foreigners, to expand the tax base and improve revenue collection through the issuance of National Identification Numbers (NINs).

• The Economic Stabilization Fund (ESF) Bill will require the Tertiary Education Trust Fund (TETFUND) to allocate 30% of its initial allocation from the Federation Account to support the disbursement of loans by the Nigerian Education Loan Fund (NELFUND) to students.
• The ESF Bill will also amend the Nigerian Ports Authority (NPA) Act to allow for the collection of fees, charges, levies and fines in Naira instead of US Dollars, to strengthen the national currency.

These amendments to the existing laws are expected to improve the efficiency and effectiveness of government institutions and agencies, leading to better revenue generation and economic stability.

In the case of the NIMC Bill 2024, it is believed that the registration of all income earners in the country, including foreigners, will broaden the tax base and increase government revenue. This, in turn, will help to address the perennial issue of insufficient funds to finance public projects and infrastructure development.

Additionally, the proposed amendment to the TETFUND Act aims to provide a sustainable source of funding for the NELFUND, which will offer loans to students in tertiary institutions.

This move is expected to not only alleviate the financial burden on students and their families but also increase the accessibility of education and improve the overall quality of tertiary education in Nigeria.

The amendment to the NPA Act, on the other hand, seeks to promote the use of the national currency in the country’s ports, which could potentially have a positive effect on the exchange rate and help boost the economy.

 References and Citations:

• Leadership –  Stabilisation Bill aims to strengthen Naira against Dollar – presidency
• Vanguard – Economic stabilization bill to strengthen Naira against Dollar – presidency
• Thisdaylive – presidency economic stabilization bill to bolster naira against Dollar