Toba Owojaiye reporting
Abuja, Nigeria
President Bola Tinubu presided over the 18th Federal Executive Council (FEC) meeting at the Aso Chambers, State House, Abuja, on Monday, September 23rd , 2024. This marked the first FEC meeting in six weeks, following the President’s foreign trips to Equatorial Guinea, China, and the United Kingdom.
Truth Live News gathered that the meeting commenced at 12:25 p.m., with 21 out of 47 cabinet members in attendance. Among those present were the Secretary to the Government of the Federation, George Akume, and National Security Adviser, Nuhu Ribadu. Key ministers included Finance and Coordinating Minister of the Economy, Wale Edun; Agriculture and Food Security Minister, Abubakar Kyari; Budget and Economic Planning Minister, Abubakar Bagudu; Aviation Minister, Festus Keyamo; Education Minister, Prof. Tahir Mamman; FCT Minister, Nyesom Wike; Information Minister, Mohammed Idris; and Interior Minister, Olubunmi Tunji-Ojo.
The Council addressed several pressing national issues, including the flooding that destroyed nearly 50% of Maiduguri in Borno State. In response, the meeting supported the establishment of a Disaster Relief Fund, which would be funded by a portion of revenue from the Federation Account, with additional contributions from the private sector. The Council also decided to set up a technical committee to conduct integrity tests on the Alau Dam and other dams across the country.
One of the major outcomes was the approval of the Economic Stabilisation Bills, based on recommendations from the Presidential Committee on Tax and Fiscal Policy Reforms. These bills aim to amend income tax laws, promote exports, reform the exchange rate regime, and increase foreign exchange liquidity. Key provisions include tax relief for companies that create jobs, an increase in personal income relief from N200,000 to N400,000, and collaboration between federal and state governments to suspend certain taxes on small businesses and vulnerable populations. Taxes to be suspended include road haulage levies, business premise registration levies, livestock levies, and market taxes. The bills will now be sent to the National Assembly for approval.
The Council also approved a contract for the construction of a 258 km, 3-lane reinforced concrete carriageway between Silame in Sokoto State and Buya Town in Kebbi State. This road is part of the larger 1000 km superhighway connecting Illela, Sokoto, to Badagry, Lagos. Another contract, worth N158 billion, was approved for service lanes from Lekki Deep Sea Port through Epe to the Shagamu-Benin Expressway. Dangote Industries will execute this project under the Federal Government’s Road Infrastructure Development Fund and Investment Tax Credit Scheme.
Additionally, the FCT Ministry received approval for several projects, including the construction of Judges’ Quarters in Katampe and the development of an access road from Ring Road 1 to Judges’ Quarters.
Finally, the Ministry of Information and National Orientation presented two memos related to the unveiling of the National Values Charter, which the Council approved.