Mr Wale Edun, The Minister of Finance and Coordinating Minister of the Economy has announced that the Federal Executive Council (FEC) has approved the economic stabilization to be transmitted to the National Assembly. The proposed bill includes specific measures, draft laws, and policies on taxation designed to enhance the overall economic environment.
The ESB intends to amend more than 15 tax, fiscal, and establishment laws to foster greater economic stability. These proposed changes are anticipated to lower inflation, strengthen the naira, increase job creation, and encourage fiscal discipline while also addressing poverty alleviation.
Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, emphasized that if the Economic Stabilization Bills are enacted, these changes will be crucial for stabilizing Nigeria’s economy and promoting long-term sustainable growth. He stated that these initiatives aim to stabilize Nigeria’s economy while establishing a foundation for inclusive growth in the future.
Mr Wale Edun noted that these bills stem from the work of the fiscal policy and tax reform committee established by Mr President in August 2023, chaired by Mr Taiwo Oyedele. He added that various laws will be amended to implement the recommendations outlined in the bill.
According to Wale, “The Federal Executive Council approved the proposal for submission to the National Assembly, Economic Stabilization Bill. It contains, for example, items that change the Foreign Exchange Act to give greater liquidity and encourage the use of electronic rather than cash means. This gives the Central Bank even greater ability to bring in and attract funds such as the money from international money transfer organizations and others that want to transact foreign exchange business and in fact, remit funds to Nigeria.”
He also mentioned that there was a proposal put in place to amend the Companies Income Tax which will enable Nigerians with skills, expertise and relevant connections to offer services to foreign companies without them coming to Nigeria for registration. He stated that this change would create numerous employment, income, and entrepreneurial opportunities for Nigerians.
