FEC backs double taxation agreements with Ghana, Tanzania, Switzerland

The Federal Executive Council has approved Double Taxation Avoidance Agreements between Nigeria and Ghana, Tanzania and Switzerland to boost cross-border investment, according to a report by The Nation citing Finance Minister Taiwo Oyedele.

FEC also approved a $1.25 billion concessional facility from the World Bank’s IDA and IBRD to support job creation, repayable over 30 years. Separately, President Tinubu ordered a forensic audit of government administrative and payroll systems after the ICPC uncovered additional fake agencies beyond the previously exposed Presidential Foreign Intervention Promotion Council. The probe will extend to IPPIS amid fears of fictitious employees on the government payroll.