By Muhammad Amaan
The Nigeria’s Federal Executive Council (FEC) on Monday backed the President Bola Ahmed Tinubu’s plan to set up a Disaster Relief Fund to be funded by a portion of the revenue accruing to the Federation account.
The meeting arrived at the decision after it reviewed the flooding in some parts of the country, especially the one that destroyed almost 50 per cent of Maiduguri in Borno State.
The meeting agreed that the funds will also be solicited from the private sector.
The FEC resolved to set up a technical committee to conduct integrity tests on Alau Dam and other dams across the country.
The Council also approved the Economic Stabilisation Bills, which embody the recommendations of the Presidential Committee on Tax and Fiscal Policy Reforms set up last year 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.
Another bill seeks federal and state collaboration to suspend certain taxes on small businesses and vulnerable populations. Among the taxes to be axed are road haulage levies, business premise registration levies, livestock levies, and market taxes and levies.
The Economic Stabilisation Bills, with the FEC’s approval, will now be transmitted to the National Assembly for passage.
