…The Monday FEC meeting was presided by President Bola Tinubu, amidst talks of cabinet reshuffle.
…FEC approved the construction and rehabilitation of several roads across the country including the contraction to build a 258 km 3-lane carriageway with continuous reinforced concrete pavement in Kebbi and Sokoto states
TUE SEPT 24 2024-theGBJournal| The Federal Executive Council (FEC) Monday approved a bill seeking federal and state collaboration to suspend certain taxes on small businesses and vulnerable populations.
Among the taxes to be axed are road haulage levies, business premise registration levies, livestock levies, and market taxes and levies.
The bill is among several recommendations contained in the Economic Stabilisation Bills, which embody the recommendations of the Presidential Committee on Tax and Fiscal Policy Reforms set up last year by President Tinubu.
The bills also seek to amend the income tax laws, promote the export of goods and services, reform the exchange rate regime and unlock foreign exchange liquidity.
One of the bills offers tax relief to companies that generate incremental employment. Another offers personal income relief to people in private and public employment, from N200,000 to N400,000.
The Economic Stabilisation Bills, with the Council’s approval, will now be transmitted to the National Assembly for passage.
The Monday FEC meeting was presided by President Bola Tinubu, amidst talks of cabinet reshuffle.
Meanwhile the FEC approved the construction and rehabilitation of several roads across the country including the contraction to build a 258 km 3-lane carriageway with continuous reinforced concrete pavement in Kebbi and Sokoto states.
The stretch is part of the 1000km superhighway from Illela, Sokoto State, to Badagry, Lagos State. The section awarded starts from Silame in Sokoto state and terminates at Buya Town in Kebbi.
The council also approved the revised estimated contract cost for constructing Bodo-Bonny Road with bridges across the Opobo Channel in Rivers State.
The contract was awarded in 2014 for N120 billion and revised in 2021 to N199, 923,638,963.87. The FEC approved another increase to N280 billion, with an additional completion period of 12 months.
Approval was also given for the rescoping and downward review of the contract to rehabilitate the Abuja-Kaduna-Zaria-Kano dual carriageway at a lower cost of N740.79 billion.
Julius Berger’s job now has a completion period of 14 months and includes the provision of solar lights.
Messrs CCECC Nigeria Limited was awarded two road contracts, including bridges in Kogi and Cross River, at a total cost of N133.4 billion.
They are the construction of Cross River to Oferekpe Road and rehabilitating Kabba (Kogi State), Iyamoye-Omuo-Ikole-Ifaki-Ado Ekiti Road.
Messrs BDT International Limited was awarded the contract to repair the Gamboru Bridge along Gamboru-Ngala-Kala, Balde Road in Borno State. The cost is N3.2 billion, and completion will take 24 months.
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