The Federal Executive Committee (FEC) has approved an economic stabilisation bill aimed at amending Nigeria’s tax policies, according to Finance Minister Wale Edun. Speaking to reporters on Monday after a meeting led by President Bola Tinubu, Edun confirmed that the bill is primarily based on recommendations from the Fiscal Policy and Tax Reform Committee.

While specific amendments were not disclosed, discussions from June indicated that the committee, chaired by Taiwo Oyedele, proposed a 5% reduction in the Company Income Tax (CIT), lowering it from 30% to 25%. Oyedele emphasized that this reduction would significantly enhance the attractiveness of Nigeria’s business environment, noting that the country’s CIT ranks among the highest in the world.

In addition to the tax rate reduction, the committee aims to simplify the tax system by reducing the number of taxes to seven: income tax, value-added tax (VAT), property tax, customs duties, excise duty, stamp duties, and special levy. This move is part of a broader strategy to foster economic growth and encourage investment in Nigeria.