In a pivotal session held on Wednesday, January 17, the Federal Executive Council (FEC) reached crucial decisions that spanned diverse sectors, aiming to foster growth, address pressing issues, and streamline administrative processes. Here are the key highlights from the meeting:
Group Life Assurance for Federal Workers Gets Nod
The FEC greenlit the implementation of Group Life Assurance for federal workers, ministers, para-military, and intelligence officers, allocating a substantial budget of N9.25 billion for this vital initiative.
Oyo State’s Ambitious Infrastructure Project Approved
The Oyo state government received approval to undertake the reconstruction of the Ojoo Interchange at Moniya-Akinyele. The state will independently fund this significant infrastructure project, contributing to regional development.
Nigeria and UAE Forge Agreement to Tackle Double Taxation
A landmark decision emerged as the FEC endorsed an agreement between Nigeria and the UAE aimed at eliminating double taxation on income and preventing tax evasion and avoidance. The Attorney General has been tasked with crafting an executive bill to address this issue, promoting industry growth and attracting Foreign Direct Investment.
Reciprocal Investment Protection with UAE Secured
The FEC ratified an agreement fostering the reciprocal promotion and protection of investments between Nigeria and the UAE, reinforcing economic ties and safeguarding investments for both nations.
Pharma Industry Concerns Addressed
Council members delved into challenges faced by pharmaceutical companies, with a resolution to tackle the issues through tax and excise duties reduction. An impending executive order is set to address immediate concerns, while the government plans to engage with the Manufacturers Association of Nigeria to discuss broader industry-wide solutions.
Revival of Defunded Regulatory Agencies
Thirteen regulatory agencies, initially excluded in the 2024 budget, were reinstated, ensuring a robust regulatory framework and bolstering oversight in various sectors.
Joint Efforts to Combat Illegal Mining and Logging
The Defence Minister and the Minister of Solid Minerals were directed to collaborate on establishing an enforcement structure to curb illegal mining and logging activities, safeguarding the nation’s natural resources.
FEC Approves Policy Guidelines for Transnational Education
The Council granted approval for policy guidelines on Transnational Education in Nigeria, setting the stage for advancements in the education sector.
Streamlining Health Worker Recruitment Process
In a bid to enhance the nation’s healthcare system, the Federal Ministry of Health received authority from the FEC to expedite the recruitment of urgently needed health workers, minimizing bureaucratic hurdles and addressing critical staffing needs.
These decisions collectively reflect the government’s commitment to addressing multifaceted challenges and fostering sustainable development across various sectors.
