…Okays Economic Stabilisation Bills
The Federal Executive Council (FEC) Monday resolved to set up a technical committee to conduct integrity tests on Alau Dam and other dams nationwide.
The council, chaired by President Bola Ahmed Tinubu, also backed the President’s idea of setting up a Disaster Relief Fund to be funded by a portion of the revenue accruing to the federation account.
Funds will also be solicited from the private sector.
The council also approved the Economic Stabilisation Bills, which embody the recommendations of the Presidential Committee on Tax and Fiscal Policy Reforms set up last year by President Tinubu.
The bills seek to amend the income tax laws, promote the export of goods and services, reform the exchange rate regime and unlock foreign exchange liquidity.
One of the bills offers tax relief to companies that generate incremental employment.
Another offers personal income relief to people in private and public employment, from N200,000 to N400,000.
Another of the bills seeks fFederal and state collaboration to suspend certain taxes on small businesses and vulnerable populations. With the council’s approval, the Economic Stabilisation Bills, with the Council’s approval, will now be transmitted to the National Assembly for passage.
