The federal government has approved the Economic Stabilization Bill, which aims to boost liquidity and create employment opportunities across Nigeria.
The bill, expected to be submitted to the National Assembly shortly, seeks to amend the Foreign Exchange Act. It focuses on promoting electronic transactions over cash payments to increase liquidity within the economy.
Speaking to State House correspondents after the Federal Executive Council meeting, which was presided over by President Bola Ahmed Tinubu, Finance Minister Wale Edun explained that the bill grants the Central Bank of Nigeria greater powers to attract international funds and facilitate foreign exchange transactions.
“It gives the Central Bank even greater ability to bring in and attract funds such as the money from international money transfer organisations and others that want to transact foreign exchange business and, in fact, remit funds to Nigeria,” he said.
The bill also introduces changes to the Companies Income Tax Act, aimed at encouraging Nigerians to offer services to foreign companies without needing those businesses to be physically registered in Nigeria.
This, according to Edun, will open new avenues for employment, income, and entrepreneurship.
“Nigerians with the skills, the expertise and the relevant relationships will be able to stay in Nigeria, and provide services to foreign companies at home… opening up a whole vista of employment opportunities, income opportunities, and entrepreneurship opportunities,” he added.
Additionally, the minister revealed that the bill includes amendments to the Fiscal Responsibility Act, particularly concerning managing surpluses by government-owned enterprises.
“There are changes to the Fiscal Responsibility Act… that affect, in particular, government-owned enterprises and how they are to share their surpluses and put in place reserve funds,” he explained.
If passed by the National Assembly, the proposed reforms are expected to contribute to Nigeria’s economic stability and long-term growth.
