FEC Okays WATA, 500m Eurobond, Others

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President Buhari
President Buhari
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MINISTER of Interior, Abdulraam Danbazzua, has disclosed that FEC approved N403 million from the ministry’s budget of N5.5 billion to purchase water supplying vehicles for Federal Fire Service.

Danbazzua disclosed this on Wednesday, while briefing State House correspondents at the end of the FEC meeting, presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

He said: “Council approved the procurement of some water carrying vehicles for the Federal Fire Service. This is in an attempt to further revamp the Federal Fire Service which has experienced dearth of equipment for a very long time and with the challenges we have in terms of fire incidents all over the country.”

On her part, Minister of Finance, Mrs Kemi Adeosun, said the council gave its nod for the establishment of West African Tax Administration Forum to promote mutual tax benefits among the members.

She also stated that a directive had been given to the SGF and the Accountant-General of the Federation to sanction companies whose letter headed papers failed to give details of their directors.

Adesoun also said that yesterday’s FEC meeting formally gave approval for the $500 million eurobond.

She said: “Council approved the ratification for the establishment of the West African Tax Administration Forum which is a platform to promote mutual agreement and cooperation among west African tax authorities.

“Nigeria is the host of this body but we have ratified the project. The effect of it is that there will be better information sharing and cooperation between countries within West Africa on tax administration. This is really part of our tax reform efforts.

“As you know Nigerians own properties in Ghana and other neigbouring countries. Now, for tax purposes, they will be able to have access to that type of information.

“Linked to that is the directive of the FEC to the SGF to remind companies that there is an existing provision in the law that companies are supposed to have on their letter headed papers the names of their directors and their registered offices but what we have seen is that many bodies that are transacting business with government simply have the names of the company and no details of who the directors are.”

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