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 stabilization bill to be transmitted to the National Assembly......See Full Story>>.....See Full Story>>
Addressing State House correspondents after the FEC meeting, Edun outlined that the bill includes specific measures, draft laws, and tax policies aimed at enhancing the overall economic environment.
This initiative stems from recommendations made by the fiscal policy and tax reform committee established by the President in August 2023, chaired by Mr. Taiwo Oyedele.
To implement the bill’s recommendations, various legal changes will be necessary. Edun highlighted key proposals, including amendments to the Foreign Exchange Act to increase liquidity and promote electronic transactions over cash. This change is expected to empower the Central Bank to attract funds from international money transfer organizations and enhance foreign exchange business operations in Nigeria.
Additionally, the bill proposes amendments to the Companies Income Tax Act, enabling Nigerians with expertise to offer services to foreign companies without requiring those companies to register in Nigeria.
This approach aims to create employment, income, and entrepreneurial opportunities for Nigerians.
Edun also mentioned modifications to the Fiscal Responsibility Act, particularly concerning government-owned enterprises and their surplus sharing and reserve fund requirements. He noted that the details of the bill would be made available to the public at a later date.