The Federal Executive Council (FEC) on Tuesday, 23 September approved some economic policies and infrastructure programmes.
It greenlighted a bill which seeks federal and state collaboration to suspend certain taxes on small businesses and economically vulnerable segments.
Among the taxes to be axed are levies on road haulage, business premise registration, livestock, and market. The council okayed the Economic Stabilization Bills to be transmitted to the National Assembly for passage.
The bills embody the recommendations of the Presidential Committee on Tax and Fiscal Policy Reforms set up last year by President Bola Tinubu.
One of the bills seeks to amend the income tax laws, promote the export of goods and services, reform the exchange rate regime and unlock foreign exchange liquidity.
It proposes tax relief to companies that generate incremental employment. Another bill offers personal income relief to people in private and public employment, from N200,000 to N400,000.
