Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, announced on Monday that the Federal Executive Council (FEC) has approved an economic stabilisation measure for transmission to the National Assembly.
Edun stated this to State House media following the FEC meeting. He stated that the package included specific initiatives, draft legislation, and taxation policies targeted at enhancing the overall economic environment.
“That was essentially based on the output of the fiscal policy and tax reform committee that was set up by Mr. President in August 2023 under the chairmanship of Mr. Taiwo Oyedele,” said Edun.
He said in order to implement the different recommendations in the bill, changes to various laws would be required.
“It contains, for example, items that change the Foreign Exchange Act, give greater liquidity, and encourage the use of electronic rather than cash means for transactions.
“This gives the Central Bank greater ability to attract funds from international money transfer organizations and others that want to transact foreign exchange business and remit funds to Nigeria,” he said.
Similarly, he said there was a proposal to amend the Companies Income Tax Act to allow Nigerians with skills, expertise, and relevant relationships to provide services to foreign companies without those companies coming to register in Nigeria.
According to him, this will open up a vista of employment opportunities, income opportunities, and entrepreneurship opportunities for Nigerians.
“There are changes to the Fiscal Responsibility Act as well that affect, in particular, the government-owned enterprises and how they are to share their surpluses and how they are to put in place reserve funds for building surpluses from their revenues.
“It’s very detailed, and of course, it will be available to the public at a later date,” said the minister.
