Nigeria's FEC Meeting Highlights / Decisions Reached

These are the Highlights of decisions reached at Federal Executive Council meeting on Wednesday January 17, 2024....

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

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 

7. Defence minister and his counterpart in solid minerals to look into enforcement structure to stop illegal mining, illegal logging etc 

8. FEC approved policy guidelines on Transnational Education in Nigeria. 

9. The Council also gave the Federal Ministry of Health the authority to approve recruitment of urgently needed health workers, to reduce bureaucracy.