The Federal Executive Council (FEC) on Wednesday approved the signing of an agreement between Nigeria and United Arab Emirates (AUE) for the elimination of double taxation. This is in respect to taxes on income and the prevention of tax evasion and avoidance.
According to the highlights of the meeting, which held at the State House, Abuja and presided over by President Bola Tinubu, “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”.
FEC also approved the ratification of the agreement between Nigeria and the UAE on the reciprocal promotion and protection of investments.
According to the highlights of the FEC meeting posted on the X account of the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, FEC also “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”.
About 13 healthy regulatory agencies, which were defunded in the 2024 budget, had their budget restored by FEC, while it also gave the Federal Ministry of Health the authority to approve recruitment of urgently needed health workers, to reduce bureaucracy.
FEC also approved that the Minister of Defence, Mohammed Badaru and his Solid Minerals Development counterpart, Dr. Dele Alake should look into enforcement structure to stop illegal mining, illegal logging and related activities.
FEC also approved Group Life Assurance for federal workers, ministers, para-military and intelligence officers at a cost of N9.25 billion, as well as the request by Oyo State government to reconstruct the Ojoo Interchange at Moniya-Akinyele, which will be funded by the state government.
FEC equally approved policy guidelines on Transnational Education in Nigeria.
