The Federal Executive Council (FEC), yesterday approved the Economic Stabilization Bill, aimed at enhancing Nigeria’s economic stability and growth.
The bill, which will soon be transmitted to the National Assembly, contains key provisions to amend the Foreign Exchange Act, encouraging electronic transactions over cash to increase liquidity.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who disclosed this to reporters at the State House, Abuja, after the FEC meeting, which was presided over by President Bola Tinubu, the bill empowers the Central Bank to attract international funds, facilitating foreign exchange transactions and remittances to Nigeria.
Additionally, the bill proposes reforms to the Companies Income Tax Act, enabling Nigerians to provide services to foreign companies without requiring them to register in Nigeria.
This move is expected to create new employment, income, and entrepreneurship opportunities.
According to Edun: “The Federal Executive Council did pass for onward transmission to 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.”
