FEC Gives Green Light to Establishment of Disaster Relief Funds

The Disaster Relief Fund’s establishment has received approval from the Federal Executive Council (FEC).

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, revealed this to the State House media following the Council meeting on Monday in Abuja.

The conference was chaired by President Bola Tinubu.

Recently, there has been significant flooding in several areas of the nation.

A part of the money that comes into the Federation account will be used to fund the Fund, according to Mr. Edun.

He also mentioned that money from the private sector will be requested.

The Economic Stabilization Bills, which implement the suggestions of the Presidential Committee on Tax and Fiscal Policy Reforms, which President Bola Tinubu established last year, were also approved by the council.

The legislation aim to alter the exchange rate regime, encourage the export of products and services, unlock foreign exchange liquidity, and amend the income tax rules.

One of the legislation gives tax breaks to businesses who hire more people. An additional one provides N200,000 to N400,000 in personal income relief to those working in both public and commercial sectors.