The federal executive council (FEC) has approved the economic stabilisation bills seeking amendment of tax policies.
The approval was granted during the FEC meeting presided over by President Bola Tinubu on Monday.
In a post on X, Bayo Onanuga, special adviser to the president on information and strategy, detailed the highlights of the FEC meeting held in Abuja.
According to Onanuga, the bills seek to amend the income tax laws, promote the export of goods and services, reform the exchange rate regime and unlock foreign exchange liquidity.
He said one of the bills offers tax relief to companies that generate incremental employment while another offers personal income relief to “people in private and public employment from N200,000 to N400,000”.
On August 8, Wale Edun, minister of finance, said there will be tax breaks for companies that employ more staff.
Edun said the tax breaks will be included in the Inflation Reduction Act.
