he Federal Executive Council (FEC) has approved the construction of judges’ quarters in the Katampe area of Abuja, along with amendments to Nigeria’s tax laws.
According to presidential spokesperson Bayo Onanuga, the new tax proposals include relief for companies generating additional employment and personal income tax relief for both public and private sector employees, raising the exemption threshold from ₦200,000 to ₦400,000.
Major Highlights from the FEC Meeting Held on Monday, September 23, 2024:
- Flooding Response: The meeting reviewed flood damage across the country, with a particular focus on Maiduguri in Borno State, where nearly 50% of the city was affected. The Council endorsed the President’s proposal to create a Disaster Relief Fund, supported by a portion of the Federation Account and private sector contributions.
- Dam Integrity Testing: The Council resolved to establish a technical committee to conduct safety and integrity assessments on the Alau Dam and other dams nationwide.
- Economic Stabilisation Bills: The FEC approved several bills, based on recommendations from the Presidential Committee on Tax and Fiscal Policy Reforms, to amend income tax laws, promote exports, reform the exchange rate system, and enhance foreign exchange liquidity. These bills also provide tax relief for companies generating new employment and raise personal income tax exemptions. One bill focuses on collaboration between federal and state governments to suspend certain taxes on small businesses and vulnerable groups. The bills will now be submitted to the National Assembly for passage.
- Road Projects: A contract was approved for the construction of a 258 km three-lane carriageway with reinforced concrete pavement in Kebbi and Sokoto States, part of a 1,000 km superhighway stretching from Illela in Sokoto State to Badagry in Lagos State.
- Bodo-Bonny Road Contract Revision: The Council approved an increase in the contract cost for the Bodo-Bonny Road and bridges across the Opobo Channel in Rivers State. Initially awarded in 2014 for ₦120 billion and revised to ₦199.9 billion in 2021, the contract is now set at ₦280 billion.
- Abuja-Kaduna-Zaria-Kano Road: The FEC approved a reduction in the cost of the Abuja-Kaduna-Zaria-Kano dual carriageway rehabilitation to ₦740.79 billion. The contract was awarded to Julius Berger.
- Contracts Awarded to CCECC Nigeria Limited: The company secured two contracts worth ₦133.4 billion, including road construction and bridge works in Kogi and Cross River States.
- Gamboru Bridge Repairs: The contract to repair the Gamboru Bridge in Borno State was awarded to Messrs BDT International Limited at a cost of ₦3.2 billion, with a completion timeline of 24 months.
- Third Mainland Bridge Maintenance: CCECC Nigeria was awarded the contract to repair the damaged loops and ramps of the Third Mainland Bridge, as well as rehabilitate the Adeniji-Falomo Roads in Lagos, at a total cost of ₦42 billion, with a six-month completion timeline.
