Among the agenda items, the Council unanimously approved two financial agreements with the International Development Association (IDA), securing SDR 258.1 million and SDR 27.3 million, respectively.
The concessional loans are earmarked for the implementation of the Second Sustainable and Inclusive Growth Development Policy and the High-Speed Road Development Support Project. Both loans carry a zero interest rate, a 0.75 per cent service charge, and a six-year grace period.
Officials noted the consistency of these arrangements with the debt management strategy, emphasising their importance in enhancing infrastructure and inclusive economic growth. The agreements will be forwarded to the Parliament for ratification.
In a significant legislative move, the Council also approved an amendment to the Federal Income Tax Proclamation. Citing gaps in the existing framework and the need to align with evolving domestic and global economic dynamics, the amendment aims to recalibrate the tax system in line with fundamental taxation principles. The revised draft will be presented to Parliament for further scrutiny.
Diplomatic facilitation also featured on the Council’s agenda. A bilateral agreement with the Government of Nigeria to waive visa requirements for holders of diplomatic and service passports was unanimously endorsed. The Council emphasised the agreement’s potential to enhance bilateral ties and streamline official travel.
All three measures were passed unanimously, underlining the Council’s commitment to legal clarity, macroeconomic reform, and international cooperation.