The Federal Executive Council (FEC) has approved sweeping economic measures and infrastructure initiatives aimed at revitalizing small businesses and boosting employment across Nigeria.
Central to the decisions was the endorsement of a new bill that encourages collaboration between federal and state governments to suspend certain taxes for small businesses and vulnerable groups. Taxes to be suspended include road haulage levies, business premise registration fees, and market taxes.
The council also approved the Economic Stabilisation Bills, which will soon be presented to the National Assembly. These bills are based on recommendations from the Presidential Committee on Tax and Fiscal Policy Reforms, chaired by tax expert Taiwo Oyedele. The committee, established last year by President Bola Ahmed Tinubu, seeks to address key fiscal issues affecting the economy.
Among the proposed reforms is an amendment to income tax laws designed to incentivize exports and improve Nigeria’s foreign exchange liquidity. Additionally, the bill provides tax relief for companies that create jobs, with a focus on those that demonstrate incremental employment growth.
For individuals, the bill increases personal income tax relief from N200,000 to N400,000, offering additional financial relief to workers in both the private and public sectors.
Alongside these tax initiatives, the FEC approved several large-scale road projects to enhance national infrastructure. Minister of Works, Dave Umahi, announced that the Abuja-Kano Road project, originally valued at N155 billion, has been revised to N1.5 trillion. Other projects include the Maraban-Kankara/Funtua Road in Katsina State, the Sokoto/Badagry Super-highway in Kebbi State, and the dualisation of the Afikpo-Uturu-Okigwe Road connecting Ebonyi, Abia, and Imo states.
The council also approved N80 billion to complete the Bodo-Bonny Road in Rivers State, raising the total project cost to N280 billion. Furthermore, the Third Mainland Bridge has undergone significant upgrades, with the installation of solar-powered lights and CCTV cameras to enhance security.
In response to recent flooding in Borno State, the FEC has created a Disaster Relief Fund to improve the nation’s preparedness for natural disasters. This fund will be jointly financed by federal, state, and local governments, alongside contributions from the private sector and international organizations. The initiative follows President Tinubu’s visit to Maiduguri, where he emphasized the need for greater disaster resilience.
The FEC also approved the construction of 40 residential units for judges and justices in the Federal Capital Territory. The project, which is expected to be completed within 15 months, aims to provide secure housing for judicial officials, improving their working conditions and safety.
Finally, the council greenlit the establishment of a National Citizens Value Brigade in schools nationwide, part of an effort to restore traditional values among the youth.
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