FG okays N44bn for customs to procure vehicles

The federal executive council (FEC) has approved contracts of N44.2 billion for the Nigeria Customs Service (NCS) to procure vehicles and construct residential accommodations.

Mohammed Idris, minister of information and national orientation, spoke to journalists at the end of the weekly FEC meeting on Wednesday in Abuja

The meeting was presided over by President Bola Tinubu.

Speaking on behalf of the ministry of finance, Idris said the council also approved a credit facility of €443 million and $141 million for the procurement of six M346 fighter aircraft for the Nigerian Air Force.

The minister also said FEC approved agreements to eliminate double taxation with Hong Kong and Botswana, aimed at preventing tax evasion

“The contracts include the construction of residential accommodations and procurement of operational vehicles,” he said.

“We are committed to enhancing the efficiency of the Nigeria Customs Service.

“The first one is that there have been approvals for some contracts, about seven of them for the Nigerian custom service.

“The next one is that there’s an approval for an agreement for the elimination of double taxation with respect to taxes on income and prevention of tax evasion and avoidance between the Federal Republic of Nigeria and the Hong Kong Special Administrative Region of the People’s Republic of China.

“The third one is that the council gave approval to obtain a credit facility in a sum of 443,330,781.49 euros and another $141 million from a group of financiers for the procurement of six units of M346 fighter aircraft and ammunition for the Nigerian Air Force. 

“And the last one from the Federal Ministry of Finance is the approval for signing of an agreement for the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance between the Federal Republic of Nigeria and the Republic of Botswana.”