Fed Govt approves tax relief to boost businesses, employment

Yesterday, the Federal Executive Council (FEC) gave its approval to a number of expansive infrastructure and economic measures.

It supported a law that asks the federal government and state governments to work together to suspend some taxes on vulnerable groups, including small enterprises.

Road haulage, market, livestock, and business premise registration fees are a few of the duties that will be eliminated.
The Economic Stabilisation Bills were approved by the council and will now be sent to the National Assembly for approval.

The proposals of the Presidential Committee on Tax and Fiscal Policy Reforms, which President Bola Ahmed Tinubu established last year, are embodied in the laws.

Mr. Taiwo Oyedele, a tax specialist, is in charge of the committee.

One of the measures aims to unlock foreign exchange liquidity, encourage the export of goods and services, alter the exchange rate regime, and amend the income tax rules.
It suggests giving tax breaks to businesses that add new jobs.

A different measure would increase the personal income ceiling for those working in the public and commercial sectors from N200,000 to N400,000.

The FEC authorised large-scale road projects all around the nation and provided billions of naira for their building.

According to Minister of Works Dave Umahi, Julius Berger's Abuja/Kano Road project has been approved for N740 billion.

The previous administration changed the project's initial worth of N155 billion to N797 billion, and it was then increased to N1.5 trillion.

The construction of the Sokoto/Badagry Super-highway Section 2, Phase 2 in Kebbi State, the rehabilitation of Katsina State's Maraban-Kankara/Funtua Road, and the dualisation of Afikpo-Uturu-Okigwe Road in the states of Ebonyi, Abia, and Imo are among the other approved projects.

To finish the Bodo-Bonny Road in Rivers State, the FEC approved spending a another N80 billion, making the total cost N280 billion.

The Third Mainland Bridge, which was previously under emergency repair, has been updated with CCTV cameras and solar lighting to improve security and lessen traffic jams.
In addition, Umahi listed 14 bridges and road projects that had been damaged by flooding, including Lafia/Shendam Road in Plateau State and Ado-Ekiti/Afe Babalola in Ekiti State.

The creation of a catastrophe Relief Fund was authorised by the FEC in order to improve Nigeria's capacity for catastrophe preparedness and response.

President Tinubu made a suggestion at the plan for the fund during his visit to Maiduguri to sympathise with the state on the massive flooding.
According to him, the strategy called for cooperating with the governors to take some money out of the Federation Account and obtain additional funding from the commercial sector.

The FEC established a committee to examine the integrity of dams across the country, including the Alau Dam in Maiduguri, in an effort to prevent a repeat of the Borno catastrophe.

The Ministry of Agriculture and Food Security was instructed by President Tinubu to provide flood victims with a variety of foods.

The President oversaw the fund's establishment, according to Wale Edun, Minister of Finance and Coordinating Minister of the Economy, in order to increase resilience against disasters, which are becoming more common as a result of climate change.

According to him, the fund's primary goal would be to support disaster relief initiatives by combining contributions from the federal, state, 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.
"After that conversation, Mr. President did order the creation of a Disaster Relief Fund.

"In order to increase our resilience, we must establish a sizeable Disaster Relief Fund that is independent of the organisations that respond to emergencies. This will be centred around funding.

According to Prof. Joseph Utsev, Minister of Water Resources and Sanitation, the FEC established a committee to examine the structural soundness of dams around the country.

He states that the committee's task is to produce comprehensive plans and suggestions for the dam's general reconstruction for later usage.

100 trailers of rice, 50 trailers of maize, 30 trailers of sorghum, and 20 trailers of millet were cleared for immediate distribution, according to Minister of Agriculture and Food Security Abubakar Kyari.
According to him, half of the products have already been delivered, and the other half are still en route.

The Federal Capital Territory (FCT) will have 40 residences for judges and justices built, thanks to approval from the FEC.

According to Nyesom Wike, Minister of the Federal Capital Territory, the goal is to give judges comfortable and safe housing.

The 40 houses, which Wike claims would be built in the Kantampe district, will be distributed as follows: 20 will be built for the FCT High Court, 10 for the Federal High Court, and 10 for the Court of Appeal.

According to him, the project should be finished in fifteen months.

Wike stated: "The President finds it difficult to understand how judges and justices will be living in hotels and rented houses given the importance he places on the judiciary."

It is not convenient for our court officials to carry out their duties, nor is it safe for them to do so.

"The President ordered the FCT to build 40 quarters at Kantampe district as soon as possible through the FCDA.

"The Federal High Court will have ten, the Court of Appeal will have ten, and the FCT court will have twenty."

"We'll finish this in fifteen months."

According to Wike, the FEC authorised a number of infrastructural projects to facilitate better access to the courtroom.

Among them are the following: "building an access road from Mabuchi's Artillery Road N11 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”.
The FEC authorised the formation of the National Citizens Value Brigade in primary and secondary schools across the nation in an effort to halt the erosion of traditional and national values.

Mohammed Idris, Minister of Information and National Orientation, stated that the Council had observed a progressive erosion of morals, particularly among the younger generation.

"Several policy modifications were adopted by Council in order to fortify our national value system.

He declared, "It has been approved to establish the National Citizen's Value Brigade in all of our primary and secondary schools."

The minister went on to say that the FEC has given its approval for a national value charter to be required in the curricula of basic and post-basic schools.

He noted that the standardising of national symbols was also accepted by the FEC.

The Council decided to replace the current national prayer with the third verse of the new national song.