Highlights Of Decisions Reached At Federal Executive Council Meeting On Wednesday 17 January

Follow the general meeting held by Federal Executive Council on Wednesday 17 of January the following Highlights of decisions reached:

1. Approval of the Group Life Assurance for Federal workers, ministers, para-military and intelligence officers at a cost of N9.25billion.

2. Approval of the request by Oyo state government to reconstruct the Ojoo Interchange at Moniya-Akinyele. Oyo government will fund the project.

3. Approval of the signing of an agreement between Nigeria and UAE for the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance.

Government asked the Attorney General to work out an executive bill to deal with this issue of double taxation, to help our industries and encourage the flow of Foreign Direct Investment.

4. FEC also approved the ratification of the agreement between Nigeria and the UAE on the reciprocal promotion and protection of investments.

5. Council deliberated on the problems of our pharmaceutical companies and what is to be done to protect them via tax and excise duties reduction to make cheaper drugs available to our people.

An executive order is on the way to address the immediate problems of this segment of our industry.

Government will also sooner engage with the Manufacturers Association of Nigeria to discuss mitigating industry wide problems.

6. About 13 healthy regulatory agencies hitherto defunded in the 2024 budget restored in the budget

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