Economic Development: Key Approvals Of Nigeria’s FEC Meeting

Posted by Niyi Adeyi Business News, Featured, Latest Headlines Tuesday, September 24th, 2024

(AFRICAN EXAMINER)- The Federal Executive Council (FEC) meeting, chaired by President Bola Tinubu in Abuja, approved key decisions to boost Nigeria’s economy and improve citizens’ lives.

In the area of the economy, Mr Wale Edun, Minister of Finance and Coordinating Minister of the Economy, said the Council approved the Economic Stabilisation Bills.

He explained that the bills embodied the recommendations of the Presidential Committee on Tax and Fiscal Policy Reforms set up in 2023 by President Tinubu.

“The bills seek to amend the income tax laws, promote the export of goods and services, reform the exchange rate regime and unlock foreign exchange liquidity.

“One of the bills offers tax relief to companies that generate incremental employment. Another offers personal income relief to people in private and public employment, from N200,000 to N400,000,” said Edun.

According to him, another of the bills seeks the collaboration of the Federal and State governments to suspend certain taxes on small businesses and vulnerable populations.

He said the Economic Stabilisation Bills, with the Council’s approval, would be transmitted to the National Assembly for passage.

The meeting reviewed the flooding in some parts of the country, especially the one that destroyed almost 50 per cent of Maiduguri, the Borno capital city.

The meeting also backed the President’s idea of setting up a Disaster Relief Fund to be funded by a portion of the revenue accruing to the Federation account. Funds will also be solicited from the private sector.

It was also resolved at the meeting to set up a technical committee to conduct integrity tests on Alau Dam and other dams nationwide.

The council approved a contract to build a 258 km 3-lane carriageway with continuous reinforced concrete pavement in Kebbi and Sokoto states.

The stretch is part of the 1000km superhighway from Illela, Sokoto State, to Badagry, Lagos State.

The council approved the revised estimated contract cost for constructing Bodo-Bonny Road with bridges across the Opobo Channel in Rivers State.

The contract was awarded in 2014 for N120 billion and revised in 2021 to N199, 923,638,963.87. The FEC approved another increase to N280 billion.

Similarly, the council approved the rescoping and downward review of the contract to rehabilitate the Abuja-Kaduna-Zaria-Kano dual carriageway at a lower cost of N740.79 billion to Julius Berger.

Messrs CCECC Nigeria Ltd. was awarded two road contracts, including bridges in Kogi and Cross River, at a total cost of N133.4 billion.

They are the construction of Cross River to Oferekpe Road and the rehabilitation of Kabba (Kogi State), Iyamoye-Omuo-Ikole-Ifaki-Ado Ekiti Road.

Messrs BDT International Ltd. was awarded the contract to repair the Gamboru Bridge along Gamboru-Ngala-Kala, Balde Road in Borno State. The cost is N3.2 billion, and completion will take 24 months.

Messrs CCECC Nigeria will repair the damaged loops and ramps of the Third Mainland Bridge superstructure and rehab Adeniji-Falomo Roads at N42 billion. Completion time is six months.

Mr Dave Umahi, Minister of Works, said the council approved a contract of N158 billion to construct service lanes for the Lekki Deep Sea Port through Epe to Shagamu-Benin Expressway.

He explained that Dangote Industries would be awarded the contract under the Federal Government Road Infrastructure Development Fund and Refurbishment Investment Tax Credit Scheme.

“The council approved the contract for the dualisation of Afikpo-Uturu-Okigwe Road in Ebonyi, Abia and Imo states.

“The road will be financed under the Federal Government Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.

“Also approved by the councils are contracts for the repair of 14 bridges and roads and flooded sections of the Federal Highways nationwide,” said the minister.

The council approved no fewer than seven memos brought by the FCT Ministry, among which was the contract for the building of Judges Quarters in Katampe.

Also approved was the contract to construct an access road from Ring Road 1 by N16 Shehu Shagari Way to Judges Quarters.

The council approved the contract for building an access road from Arterial Road N11 in Mabushi District to Judges Quarters within Cadstral Zone B07. (NAN)