Dons Eze
FEC APPROVES TAX RELIEF TO BOOST BUSINESSES, EMPLOYMENT
The Federal Executive Council (FEC) yesterday approved a raft of far-reaching economic policies and infrastructure programmes.
It endorsed a bill which seeks federal and state collaboration to suspend certain taxes on small businesses and vulnerable populations.
Among the taxes to be axed are levies on road haulage, business premise registration, livestock, and market.
The council okayed the Economic Stabilisation Bills, to be transmitted to the National Assembly for passage
The bills embody the recommendations of the Presidential Committee on Tax and Fiscal Policy Reforms set up last year by President Bola Ahmed Tinubu.
The committee is headed by a tax expert Mr. Taiwo Oyedele.
One of the bills seeks to amend the income tax laws, promote the export of goods and services, reform the exchange rate regime and unlock foreign exchange liquidity.The Federal Executive Council (FEC) yesterday approved a raft of far-reaching economic policies and infrastructure programmes.
It endorsed a bill which seeks federal and state collaboration to suspend certain taxes on small businesses and vulnerable populations.
Among the taxes to be axed are levies on road haulage, business premise registration, livestock, and market.
The council okayed the Economic Stabilisation Bills, to be transmitted to the National Assembly for passage.
The bills embody the recommendations of the Presidential Committee on Tax and Fiscal Policy Reforms set up last year by President Bola Ahmed Tinubu.
The committee is headed by a tax expert Mr. Taiwo Oyedele.
One of the bills seeks to amend the income tax laws, promote the export of goods and services, reform the exchange rate regime and unlock foreign exchange liquidity.
Read Also: Tinubu to citizens: your sacrifices will soon yield lasting economic benefits
It proposes tax relief to companies that generate incremental employment.
Another bill offers personal income relief to people in private and public employment, from N200,000 to N400,000.
FEC approved major road projects across the country, allocating billions of naira for construction.
Minister of Works, Dave Umahi, said the Abuja/Kano Road project, handled by Julius Berger, received approval for N740 billion.
The project, initially valued at N155 billion, was revised to N797 billion by the previous administration and further increased to N1.5 trillion.
Other approved projects include the rehabilitation of Maraban-Kankara/Funtua Road in Katsina State, the construction of the Sokoto/Badagry Super-highway Section 2, Phase 2 in Kebbi State, and the dualisation of Afikpo-Uturu-Okigwe Road in Ebonyi, Abia, and Imo states.
FEC approved N80 billion to complete the Bodo-Bonny Road in Rivers State, bringing the total cost to N280 billion.
The Third Mainland Bridge, previously executed under emergency work, has been upgraded with solar lights and CCTV cameras, enhancing security and reducing road blockages.
Umahi also mentioned 14 road projects and bridges affected by floods, including Ado-Ekiti/Afe Babalola in Ekiti State and Lafia/Shendam Road in Plateau State.
FEC approved the establishment of a Disaster Relief Fund to enhance Nigeria’s preparedness and response to natural disasters.
President Tinubu hinted at the plan for the fund during his visit to Maiduguri to sympathise with the state on the massive flooding.
He said the plan was to work in collaboration with governors to draw some funds from the Federation Account and get additional funding from the private sector.
To forestall a reoccurrence of the Borno flooding, FEC constituted a committee to review the integrity of dams nationwide, including the Alau Dam in Maiduguri.
President Tinubu directed the Ministry of Agriculture and Food Security to deliver assorted foodstuffs to flood victims.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the President directed the setting up of the fund to build greater resilience against disasters, which are increasingly frequent due to climate change.
He said the fund would focus on financing disaster response efforts, leveraging contributions from federal, sub-national, and local levels, as well as the private sector and international organizations.
Edun said: “We were in agreement with the decision of Mr. President to start the FEC with the devastating situation of flooding in Maiduguri in Borno State.
“At the end of that discussion, Mr. President did direct that a Disaster Relief Fund be set up.
“We need to build greater resilience in the form of a substantial Disaster Relief Fund, separate from the agencies that intervene in disasters. This will focus on the financing.”
Minister of Water Resources and Sanitation, Prof. Joseph Utsev, said the FEC constituted a committee to review the integrity of dams nationwide.
According to him, the committee is expected to develop detailed designs and recommendations for the overall reconstruction of the dam for future use.
Minister of Agriculture and Food Security, Abubakar Kyari, said the President approved the immediate release of 100 trailers of rice, 50 trailers of maize, 30 trailers of sorghum, and 20 trailers of millet.
He said half of the items have already been delivered, with the remainder still on the way.
40 houses for justices, judges in Abuja
FEC approved the construction of 40 houses for judges and justices in the Federal Capital Territory (FCT).
Minister of the FCT, Nyesom Wike, said the aim was to provide secure and convenient accommodation for members of the judiciary.
According to Wike, the 40 residences will be constructed in the Kantampe district, with 20 allocated to the FCT High Court, 10 to the Federal High Court, and 10 to the Court of Appeal.
He said the project is slated for completion within 15 months.
Wike said: “Due to the importance that the President attaches to the Judiciary, he finds it difficult to understand how judges and Justices will be living in rented houses and hotels.
“It is not safe for our judicial officials and not convenient for them to do their work.
“The President directed that the FCT through the FCDA should immediately construct 40 quarters at Kantampe district.
“The FCT court will have 20, the Federal High Court will have 10 and the Court of Appeal will have 10.
“This will be completed in 15 months.”
Wike said the FEC approved several infrastructure developments to improve access to the judicial quarters.
These include “construction of an access road from Artillery Road N11 from Mabuchi to the judges’ quarters; an access road from Ring Road 1-N16 Shehu Shagari Way to the judges’ quarters and development of roads connecting to the Court of Appeal Abuja division”.
Schools get National Citizens Value Brigade
To reverse the decline in traditional and national values, the FEC approved the establishment of the National Citizens Value Brigade in primary and secondary schools across the country.
Minister of Information and National Orientation, Mohammed Idris, said the Council noted the gradual eroding of values especially, among the younger ones.
“Council approved several changes in our policy to strengthen our national value system.
“The National Citizen’s Value Brigade has been approved to be established in all our primary and secondary schools,” he said.
The minister added that FEC approved the inclusion of a national value charter to be made mandatory in basic and post-basic school curricula.
He said the FEC also approved the standardisation of national symbols.
The Council approved the third stanza of the new national anthem as the national prayer to replace the existing one.
It proposes tax relief to companies that generate incremental employment.
Another bill offers personal income relief to people in private and public employment, from N200,000 to N400,000.
FEC approved major road projects across the country, allocating billions of naira for construction.
Minister of Works, Dave Umahi, said the Abuja/Kano Road project, handled by Julius Berger, received approval for N740 billion.
The project, initially valued at N155 billion, was revised to N797 billion by the previous administration and further increased to N1.5 trillion.
Other approved projects include the rehabilitation of Maraban-Kankara/Funtua Road in Katsina State, the construction of the Sokoto/Badagry Super-highway Section 2, Phase 2 in Kebbi State, and the dualisation of Afikpo-Uturu-Okigwe Road in Ebonyi, Abia, and Imo states.
FEC approved N80 billion to complete the Bodo-Bonny Road in Rivers State, bringing the total cost to N280 billion.
The Third Mainland Bridge, previously executed under emergency work, has been upgraded with solar lights and CCTV cameras, enhancing security and reducing road blockages.
Umahi also mentioned 14 road projects and bridges affected by floods, including Ado-Ekiti/Afe Babalola in Ekiti State and Lafia/Shendam Road in Plateau State.
FEC approved the establishment of a Disaster Relief Fund to enhance Nigeria’s preparedness and response to natural disasters.
President Tinubu hinted at the plan for the fund during his visit to Maiduguri to sympathise with the state on the massive flooding.
He said the plan was to work in collaboration with governors to draw some funds from the Federation Account and get additional funding from the private sector.
To forestall a reoccurrence of the Borno flooding, FEC constituted a committee to review the integrity of dams nationwide, including the Alau Dam in Maiduguri.
President Tinubu directed the Ministry of Agriculture and Food Security to deliver assorted foodstuffs to flood victims.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the President directed the setting up of the fund to build greater resilience against disasters, which are increasingly frequent due to climate change.
He said the fund would focus on financing disaster response efforts, leveraging contributions from federal, sub-national, and local levels, as well as the private sector and international organizations.
Edun said: “We were in agreement with the decision of Mr. President to start the FEC with the devastating situation of flooding in Maiduguri in Borno State.
“At the end of that discussion, Mr. President did direct that a Disaster Relief Fund be set up.
“We need to build greater resilience in the form of a substantial Disaster Relief Fund, separate from the agencies that intervene in disasters. This will focus on the financing.”
Minister of Water Resources and Sanitation, Prof. Joseph Utsev, said the FEC constituted a committee to review the integrity of dams nationwide.
According to him, the committee is expected to develop detailed designs and recommendations for the overall reconstruction of the dam for future use.
Minister of Agriculture and Food Security, Abubakar Kyari, said the President approved the immediate release of 100 trailers of rice, 50 trailers of maize, 30 trailers of sorghum, and 20 trailers of millet.
He said half of the items have already been delivered, with the remainder still on the way.
40 houses for justices, judges in Abuja
FEC approved the construction of 40 houses for judges and justices in the Federal Capital Territory (FCT).
Minister of the FCT, Nyesom Wike, said the aim was to provide secure and convenient accommodation for members of the judiciary.
According to Wike, the 40 residences will be constructed in the Kantampe district, with 20 allocated to the FCT High Court, 10 to the Federal High Court, and 10 to the Court of Appeal.
He said the project is slated for completion within 15 months.
Wike said: “Due to the importance that the President attaches to the Judiciary, he finds it difficult to understand how judges and Justices will be living in rented houses and hotels.
“It is not safe for our judicial officials and not convenient for them to do their work.
“The President directed that the FCT through the FCDA should immediately construct 40 quarters at Kantampe district.
“The FCT court will have 20, the Federal High Court will have 10 and the Court of Appeal will have 10.
“This will be completed in 15 months.”
Wike said the FEC approved several infrastructure developments to improve access to the judicial quarters.
These include “construction of an access road from Artillery Road N11 from Mabuchi to the judges’ quarters; an access road from Ring Road 1-N16 Shehu Shagari Way to the judges’ quarters and development of roads connecting to the Court of Appeal Abuja division”.
Schools get National Citizens Value Brigade
To reverse the decline in traditional and national values, the FEC approved the establishment of the National Citizens Value Brigade in primary and secondary schools across the country.
Minister of Information and National Orientation, Mohammed Idris, said the Council noted the gradual eroding of values especially, among the younger ones.
“Council approved several changes in our policy to strengthen our national value system.
“The National Citizen’s Value Brigade has been approved to be established in all our primary and secondary schools,” he said.
The minister added that FEC approved the inclusion of a national value charter to be made mandatory in basic and post-basic school curricula.
He said the FEC also approved the standardisation of national symbols.
The Council approved the third stanza of the new national anthem as the national prayer to replace the existing one.
