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ABUJA – The Federal Executive Council (FEC) on Monday approved the Economic Stabilisation Bill, a strategic move aimed at bolstering Nigeria’s economic stability and fostering growth. The bill, which will soon be sent to the National Assembly, introduces reforms to key financial and economic sectors, including foreign exchange and taxation, to enhance liquidity and promote electronic transactions over cash.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, announced the approval after the Council meeting, presided over by President Bola Tinubu at the Presidential Villa, Abuja. He explained that the bill provides the Central Bank of Nigeria with expanded powers to attract international funds, boosting foreign exchange transactions and remittances into the country.
“The Federal Executive Council did pass for onward transmission to National Assembly the 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,” Edun stated.
A key aspect of the bill is the proposed amendment to the Companies Income Tax Act, which will allow Nigerians to provide services to foreign companies without requiring those companies to register in Nigeria. This reform is expected to unlock new employment, income, and entrepreneurship opportunities for Nigerians.
“There’s also a proposal to amend the Companies Income Tax Act…to allow Nigerians with the skills, the expertise and the relevant relationships to be able to stay in Nigeria, and provide services to foreign companies at home…opening up a whole vista of employment opportunities, income opportunities, and entrepreneurship opportunities,” Edun added.
The bill also calls for changes to the Fiscal Responsibility Act, specifically regarding how government-owned enterprises manage their surpluses. The reforms will guide these enterprises in distributing their profits and creating reserve funds to further bolster economic resilience.
“There are changes to the Fiscal Responsibility Act…that affect in particular government-owned enterprises and how they are to share their surpluses and how they are to put in place reserve funds for building surpluses from their revenues,” Edun revealed.
