Nigerian govt approves Economic Stabilization Bill to deepen job creation

The Federal Government on Monday okayed Economic Stabilization Bill to deepen economic stability necessary for employment in the country.

This was contained in a communiqué highlighting decisions reviewed and considered during the FEC meeting presided over by President Bola Tinubu.

It was noted that the bill is meant to empower the Central Bank of Nigeria (CBN) in the country to attract international funds and remittances to Nigeria.

The bill, according to the statement, is also expected to create new employment, income and entrepreneurship opportunities in the country.

The communiqué reads in part, “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 Council’s approval, will now be transmitted to the National Assembly for passage.”

The FEC also took significant step on the recent flooding in the country, backing the decision of the President to create Disaster Relief Fund.