Olufemi Adeyemi 

The Federal Executive Council (FEC) approved the economic stabilization bill on Monday, which is designed to bolster Nigeria's economic stability and growth.

This bill will soon be sent to the National Assembly and includes significant amendments to the Foreign Exchange Act, promoting electronic transactions to enhance liquidity.

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, shared this information with State House reporters following a Council meeting led by President Bola Tinubu at the Presidential Villa in Abuja.

He noted that the bill grants the Central Bank enhanced capabilities to attract international funds, thereby facilitating foreign exchange transactions and remittances into Nigeria.

Additionally, the bill suggests reforms to the Companies Income Tax Act, allowing Nigerians to offer services to foreign companies without the need for local registration.

This initiative is anticipated to generate new job opportunities, increase income, and foster entrepreneurship. "The Federal Executive Council has approved the Economic Stabilization Bill for transmission to the National Assembly.

It includes provisions that amend the Foreign Exchange Act to improve liquidity and promote electronic transactions over cash," Edun stated.

"It also empowers the Central Bank to better attract funds from international money transfer organizations and others engaged in foreign exchange activities, facilitating remittances to Nigeria."

A proposal has been put forward to modify the Companies Income Tax Act, aimed at enabling skilled Nigerians to remain in the country while offering services to foreign companies without the need for those companies to register in Nigeria.

This initiative is expected to create numerous employment, income, and entrepreneurial opportunities. Edun emphasized that these measures are included in the proposed bill.

Additionally, Edun indicated that the Fiscal Responsibility Act will undergo significant revisions, particularly concerning government-owned enterprises. These changes will dictate how these enterprises distribute their surpluses and establish reserve funds from their revenues.