In a bid to strengthen the nation’s economy and improve infrastructure, the Federal Executive Council (FEC) has approved the Economic Stabilization Bills and major road contracts.
The endorsed bill is a reflection of the recommendations of the Presidential Committee on Tax and Fiscal Policy Reforms established by President Tinubu last year.
The bills aim to amend income tax laws, stimulate exports, reform the exchange rate regime, and unlock foreign exchange liquidity.
Following the Council’s approval, the bills will be further transferred to the National Assembly for passage, paving the way for potential economic recovery.
Notably, the bills include provisions for tax relief aimed at businesses that create incremental employment, as well as personal income tax relief for individuals earning between N200,000 and N400,000.
The suspension of various taxes such as road haulage levies and market taxes, to support small businesses and vulnerable populations were also included.
Concurrently, FEC has also approved several key infrastructure projects aimed at enhancing Nigeria’s transportation network.
The China Civil Engineering Construction Corporation Nigeria Limited (CCECC), was awarded contracts totaling N133.4 billion for the construction of road.
The rehabilitated roads are the Cross River to Oferekpe road and the rehabilitation of the Kabba-Iyamoye-Omuo-Ikole-Ifaki-Ado Ekiti Road.
CCECC in a communiqué made known to the public were assigned to undertake repairs on the damaged loops and ramps of the Third Mainland Bridge and rehabilitate the Adeniji-Falomo Roads for N42 billion, with completion anticipated within six months.
The Council approved a contract for a 258 km 3-lane carriageway linking Kebbi and Sokoto states, part of a larger 1000 km superhighway initiative extending from Sokoto to Lagos.
Additionally, a revised estimated cost of N280 billion for the construction of the Bodo-Bonny Road has been approved, extending the completion period for this vital project.
Other strategic infrastructure developments include the dualization of the Afikpo-Uturu-Okigwe Road and the construction of service lanes for the Lekki Deep Sea Port, both of which aim to enhance regional connectivity and stimulate economic activities.
