President Bola Tinubu says the tax reform bills will not be withdrawn from the national assembly as recommended by the national economic council (NEC).

In a statement on Friday, Bayo Onanuga, special adviser to the president on information and strategy, said Tinubu received NEC’s recommendation, however, the president said the legislative process should continue.

The federal government has launched an amnesty initiative that allows individuals to deposit foreign currencies into banks without penalties or taxes — provided the funds are not proceeds of crime.

Announcing the initiative in a statement on Thursday, the ministry of finance said the programme is called the ‘Disclosure Scheme’.

Mohammed Manga, the ministry’s director of information and public relations, said the scheme, starting October, is for nine months.

He said by facilitating the voluntary disclosure, depositing, repatriation, and investment of internationally tradable foreign currency held by Nigerians, both within and outside the country, “the scheme aims to integrate these legitimate foreign currency assets into the formal economy”.

“The federal government of Nigeria is pleased to announce the commencement of the foreign currency voluntary disclosure, depositing, repatriation, and investment scheme, known as the disclosure scheme, in pursuance of Executive Order No. 15 of 2023 titled ‘Disclosure, Depositing, Repatriation, and Investment of Eligible Foreign Exchange Assets and Related Matters Order, 2023’ and the ‘Foreign Currency Disclosure, Deposit, Repatriation, and Investment Scheme Guidelines, 2024’, issued by the Honourable Minister of Finance and Coordinating Minister of the Economy, on October 25th, 2024,” the statement reads.

“Key objectives of the disclosure scheme: enhance financial transparency: Promote transparency in the financial sector by formalising legitimate foreign currency assets held outside the Nigerian banking system by Nigerians within or outside of Nigeria.

“Bolstering AML and CFT capabilities: The scheme specifically targets weaknesses in the existing framework by promoting cashless and legitimate transactions within the formal financial system.

“This strengthens regulatory enforcement while also encouraging financial practices that reduce the likelihood of illicit cash transactions.”

‘FUNDS WILL INCREASE RESERVES’

Speaking on the scheme, Wale Edun, minister of finance and coordinating minister of the economy, said the initiative would enhance financial security and contribute positively to the economy by increasing reserves and stabilising exchange rates.

“The disclosure scheme is a bold initiative aimed at integrating foreign currency outside the formal financial system into the formal economy,” Edun said.

“It strengthens transparency and economic resilience, setting us on a path to rapid economic growth.

“The scheme offers a secure, confidential channel for people to reintegrate their legitimate foreign currency funds, promoting stability and growth for our nation.

“Guided by President Tinubu’s leadership and supported by the Central Bank of Nigeria (CBN) and Ministry of Justice, we are building a transparent and inclusive economy, aligned with best practices in anti-money laundering and countering the financing of terrorism.”

Edun encouraged Nigerians holding legitimately earned foreign currency to participate.

The Nigeria Immigration Service (NIS) is set to launch a contactless passport application system on Friday.

Phase one of the launch will be in Canada, the NIS announced in a video via its X account.

The second phase will be rolled out in the United Kingdom, United States, and Italy on November 15.

Nigeria and the rest of the world will access the system from December 1, marking the third phase.

The NIS noted that the process applies only to passport renewal.

Previously, passport applications were a contact-integrated digital process.

While applicants could fill a form, select a passport processing centre, make payments, and book appointments for biometric enrolment online, biometric capturing and passport pickups were at NIS-specified centres.

“Individuals will be able to apply to renew their international passports from the comfort of their homes without having to visit any NIS office,” the NIS said.

Applicants will be able to renew their passports by downloading the NIS mobile app available on Google play, the app store, and the Windows store, or by visiting the immigration portal.

Although the app has yet to be available on any of the digital stores, the NIS said Nigerians in Canada are expected to access the app on these platforms and begin using the service from the designated date.