The Federal Executive Council (FEC) on Monday approved the Economic Stabilization Bill, aimed at enhancing Nigeria’s economic stability and growth.
The bill, which will soon be transmitted to the National Assembly, contains key provisions to amend the Foreign Exchange Act, encouraging electronic transactions over cash to increase liquidity.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who disclosed this to reporters at the State House, Abuja, after the FEC meeting, which was presided over by President Bola Tinubu, the bill empowers the Central Bank to attract international funds, facilitating foreign exchange transactions and remittances to Nigeria.
Additionally, the bill proposes reforms to the Companies Income Tax Act, enabling Nigerians to provide services to foreign companies without requiring them to register in Nigeria. This move is expected to create new employment, income, and entrepreneurship opportunities.
According to Edun: “The Federal Executive Council did pass for onward transmission to National Assembly, Economic Stabilization Bill. It contains, for example, items that change the Foreign Exchange Act to give greater liquidity and encourage the use of electronic rather than cash means, for example.
“It gives the Central Bank even greater ability to bring in and attract funds such as the money from international money transfer organizations and others that want to transact foreign exchange business and in fact, remit funds to Nigeria.
“There’s also a proposal to amend the Companies Income Tax Act basically to allow Nigerians with the skills, the expertise and the relevant relationships to be able to stay in Nigeria, and provide services to foreign companies at home, without those companies having to come and register in Nigeria, thereby opening up a whole vista of employment opportunities, income opportunities, and entrepreneurship opportunities. So those are the types of measures that are contained in bill”.
Edun also revealed that the Fiscal Responsibility Act will be overhauled, guiding government-owned enterprises in sharing surpluses and building reserve funds from their revenues.
“There are changes to Fiscal Responsibility Act as well that affect in particular 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”, the Minister said.
FEC also approved the construction of toad projects across the Federal Capital Territory (FCT).
FCT Minister, Nyesom Wike told newsmen listed the approved road projects to include
construction of an access road from Artillery Road N11 from Mabuchi to the judges’ quarters.Development of all internal roads within the judges’ quarters.
Others, he said, are construction of 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.
He said these approvals are part of a larger infrastructure push in the FCT, which includes the development of over 75 kilometers of roads in satellite towns across Kwali, Gwagwalada, and Bwari area councils.
The Minister said the government aims to complete these projects by December, 2024.
Wike also announced the termination of a previous contract for the development of Maitama 2, citing delays and lack of progress.
He said a new procurement process will be initiated to ensure the area’s development, potentially addressing housing deficits in the capital.
FEC also approved several major road projects across the country, allocating billions of naira for construction.
Minister of Works, Dave Umahi, announced that 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, construction of the Sokoto/Badagry Super-highway Section 2, Phase 2A in Kebbi State, and dualization of Afikpo-Uturu-Okigwe Road in Ebonyi, Abia, and Imo states.
Additionally, FEC approved N80 billion to complete the Bodo-Bonny Road in Rivers State, bringing the total cost to N280 billion.
The Third Mainland Bridge in Lagos, 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 approved for rehabilitation.
Deji Elumoye
Follow us on:
Gbadebo Rhodes-Vivour has condemned the commercialisation of GMO seeds, warning of threats to Nigeria’s food…
Oleksandr Usyk has secured victory over Tyson Fury in Riyadh, successfully defending his heavyweight championship…
Albania plans a one-year TikTok ban from January after a schoolboy’s death sparks concerns over…
A suspect accused of killing five people by driving into a crowded Christmas market in…
A US Navy F/A-18 Hornet was mistakenly shot down over the Red Sea by the…
NNPC has reduced petrol ex-depot price to N899 per litre, sparking competition with Dangote Refinery…
View Comments
<<<<recruitement form="" is="" out="" we="" are="" replacing="" a="" new="" officers="" interested="" applicant="" should="" contact="" us="" for="" more="" information.;="">>><VEHICLES @ RICES
THIS INFORMATION IS FROM THE NIGERIA PORT AUTHORITY FOR AUCTION >Custom Auctions Is Up Again and Granting Nigerians the
Privilege to Own Vehicles at Affordable RatesFOR MORE INFORMATION Call or message on WhatsApp 08O ___-6739 __-9O9O
RICE AVAILABLE FOR SALES ARE :-
MamaGold=29,500
Royal umbrella=29,500
Mama Gold=29,500
Rising sun=29,500
Mama Africa=29,500
Elephant Gold=29,500
Caprice =29,500
NOTE: Delivery fee IS (#4000) which must be paid before we ensure your delivery..
*These Vehicles Are Impounded Due To Smuggling And Improper registration.*
*These Vehicles Are Direct Tokunbo and Has Never Been Used In Nigeria.*.For any purchase
Call the officer
08O ___-6739 __-9O9O
•Toyota Land Cruiser-N1.3m
•Toyota Prado N1.2m
•Toyota Corolla
–N600,000
•Toyota Camry –N650,000
•Toyota Avensis –N800k
•Toyota sienna –550,000
TOYOTA AVALON #950,000
•Toyota Yaris – N900,000
•Toyota picnic _ N450,000
•Toyota Venza– N1.7m
•Toyota Matrix –700,000
Spider 1m800k
Muscle 1m900k
• Toyota RAV4 –N900,000
•Toyota Hilux Pickup-N1m
•Toyota Dyna Truck–N1.3million
•Toyota 4 Runner–N1m
tundra 2.670,000
tacoma 2.5Million
•Toyota Hiace Bus –N1.5m
•Toyota Highlander-N1.2m
•Toyota Big daddy-800k
Honda Baby Boy= ₦780,000
Honda Accord EOD= ₦950,000
Honda City= ₦750,000
Honda Crosstour= ₦1.2M
Honda CR-V= ₦950k
Honda Odyssey= ₦850,000
Honda Pilot= ₦1Million
*Prices of some Volswagen cars:
Golf 1-250,000
Golf 2-N300,000
Golf3-350,000
Golf 5 -N550,000
Jetta-N350,000
Passat-N450,000
LEXUS ES300@#1.3 MILLION
LEXUS ES330@#1.6 MILLION
LEXUS ES350@#2 MILLION
LEXUS RX300@#1.7 MILLION
LEXUS RX330@#3 MILLION
LEXUS RX350@#4 MILLION
LEXUS RX400@#3.5 MILLION
LEXUS GX460@#4 MILLION
LEXUS GX470@#5 MILLIONLexus GX460=₦6.6M
Lexus GX470=₦8.4M
Lexus GX570=₦13.8M
Lexus IS-250=₦2.1M
Lexus ES-330=₦1.5M
Lexus ES-350=₦2.6M
Lexus RX300= ₦1.5M
Lexus RX330= ₦2.8M
Lexus RX350= ₦3.2M. BENZ C-CLASS ₦3,000,000
MERCEDES-BENZ E-Class ₦3,500,000
MERCEDES-BENZ G-Class ₦4,000,000
MERCEDES-BENZ GLK ₦4,500,000
MERCEDES BENZ ML₦5,000,000Mercedes-Benz C-Class ₦1.5 million
Mercedes-Benz E-Class ₦1.7 million
Mercedes-Benz G-Class ₦2.5 million
Mercedes-Benz GLK ₦3.5 Million
Mercedes Benz ML350 ₦2.3 million
Mercedes Benz g-wagon ₦125 million.
Range rover vogue 6mill
Range rover sport HSE 4.8m
Land rover 3.3m
MANY MORE EXCLUSIVE OFFER'S LIKE.....
LAPTOPS, GENERATOR'S, FRIDGE, CONTAINERS, PHONE, MOTORCYCLE, AND KEKE.... Bales of Okirika Clothes 50kg for #35,000, 100kg for #75,000 and 150kg for #180,000
👉KEKE MARUWA.
Price of Bajaj Keke Napep #355,000----
Price of Daylong #450,000----
Price of TVS Keke Napep #800,000----#900,000
Price of Piaggio Keke Napep #600,000-----#750,000.
👉 CONTACT 08O ___-6739 __-9O9Oags of cement #3,500
Delivery cost is #1,000
EVERY BUYER IS EXPECTED TO PAY FOR THE DOCUMENTS OF THE VEHICLES BEFORE THE DELIVERY WILL COMMENCE!!!!WE DELIVER NATION WIDE NOTICE INSTALLMENTAL PAYMENT IS ALLOWED!!! ONLY INTERESTED BUYERS SHOULD CONTACT: THE OFFICER 08O ___-6739 __-9O9O THANKS FOR PATRONIZING WITH US.!!!〽.〽.〽.〽.〽〽〽〽.〽〽〽〽〽〽.〽