President Tinubu promised prior to last year's election a regulatory environment to encourage healthy adoption of digital assets, including cryptocurrency
AFP

Nigeria's Federal Executive Council (FEC) on Monday approved building judges' quarters in the Katampe area of Abuja and authorized bills to change the country's tax laws, as per presidential spokesperson Bayo Onanuga.

One of the bills provides tax relief for companies that create new jobs, while another offers personal income relief for individuals in both private and public jobs, increasing the relief amount from N200,000 to N400,000.

Onanuga took to X (formerly known as Twitter) to share these important decisions made during the FEC meeting, which was led by President Bola Tinubu.

The spokesperson revealed that the meeting discussed the flooding in some areas, including recent Maiduguri severe floods that destroyed almost 50% of the city, located in Borno State.

The attendees supported the president's proposal to create a Disaster Relief Fund, which will be financed by a share of the revenue from the Federation account. Additional funds will also be sought from the private sector.

Tinubu announced last week a disaster relief fund during his visit to Maiduguri in Borno State, where Nigerians were affected by floods and other disasters.

The meeting decided to create a technical committee to perform integrity tests on Alau Dam and other dams across the country. The council also approved a contract to build a 258 km three-lane road with reinforced concrete in Kebbi and Sokoto states.

This section is part of a larger 1,000 km superhighway that will run from Illela in Sokoto State to Badagry in Lagos State, starting from Silame in Sokoto and ending at Buya Town in Kebbi.

He also disclosed that the council has approved a new cost for building the Bodo-Bonny Road and bridges over the Opobo Channel in Rivers State. Furthermore, it approved a change to the contract for fixing the Abuja-Kaduna-Zaria-Kano dual carriageway, reducing the cost to N740.79 billion.

CCECC Nigeria Limited received two road contracts worth a total of N133.4 billion. These contracts involve building the Cross River to Oferekpe Road and fixing the Kabba (Kogi State), Iyamoye-Omuo-Ikole-Ifaki-Ado Ekiti Road.

The council also approved two memos from the Ministry of Information and National Orientation -- one about restoring the importance and standardizing national symbols like the national flag, coat of arms, national anthem and national pledge, and the other about launching the National Values Charter.

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