The Federal Executive Council has approved the Economic Stabilisation Bills (ESB) based on recommendations from the Presidential Fiscal Policy and Tax Reforms Committee. These bills are a crucial step in the government’s Accelerated Stability and Advancement Plan. President Bola Tinubu chaired the 18th FEC meeting in Abuja where the ESB was discussed.
The ESB seeks to amend various tax, fiscal, and establishment laws to enhance economic stability. The proposed changes aim to reduce inflation, strengthen the naira, promote job creation, fiscal discipline, and poverty alleviation.
10 key amendments proposed by the ESB include income tax law changes, zero-rated VAT for exports, investment facilitation in the gas sector, forex regime reforms, tax reliefs for employers, fiscal discipline enhancements, small business tax suspensions, tax base expansion initiatives, and increased funding for student loans.
Once passed into law, these reforms are expected to stabilize Nigeria’s economy and foster sustainable growth. Netizens have reacted positively to the outlined changes, expressing hope for the positive impacts on the country’s fiscal policies and broader economy.
Netizens react
Various users shared their thoughts, with discussions ranging from market impact, small business support, corruption prevention, policy implementation specifics, and sector competition.