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21 Major Decisions Made At Last FEC Meeting Presided Over By President Tinubu
President Bola Ahmed Tinubu’s government made some significant announcements on Tuesday following decisions made at the last Federal Executive Council (FEC) meeting at the presidential villa in Abuja.
Nation Post understands that the week’s FEC meeting, which started on Monday, May 13, spilt over to Tuesday, May 14, 2024.
After thorough deliberations at the extended meeting, the council has approved several policies and projects that will enhance the economy, encourage investments, and support the ease of doing business in the nation.
A statement issued yesterday (Tuesday) by Bayo Onanuga, the Special Adviser to the President on Information & Strategy, highlighted the major decisions taken at the last FEC meeting.
1. The Council supported a series of initiatives set to be launched that will revolutionize Nigeria’s Infrastructure and Housing sector through Public-Private Partnerships
The initiatives, which can unlock about N2 trillion, are aimed at transforming the nation’s infrastructure and housing mortgage sector, meeting the urgent demand for critical infrastructure and affordable homeownership, and fostering job creation, inclusive growth, and long-term productivity enhancement.
Inspired by the 1970s era, the government envisions a future where ordinary Nigerians can access 25-year mortgages at low interest rates to realise their dream of owning a home. By collaborating with private institutional investors, the government seeks to replicate past successes and address current challenges effectively.
This strategic partnership aims to leverage the expertise and capital of private investors to accelerate the delivery of vital projects, driving sustainable development and economic progress for all Nigerians.
2. FEC approved that all users of Federal airports all over the country must now pay tolls at the gates. No one is excluded. The President and Vice President of Nigeria will also pay the toll.
3. The council announced a ban on sand dredging 10 km from all Federal bridges throughout the country.
4. The Council announced a 4-week deadline for the review of visa policy to enable tourists, business people, and creative professionals to visit Nigeria. The ease of doing business, the council agreed, cannot materialise if prospective visitors face a herculean problem getting our country’s visa. Part of the review envisaged is that visa applicants can apply for the visa online and get one within 48 hours. Also visas may be waived for holders of visas of some countries.
5. The council granted approval for the supply, installation and training of operators of the disabled aircraft recovery system at Murtala Muhammed Airport in Lagos. The contract will cost N4.2 billion. A similar contract was awarded in 2021 for Nnamdi Azikiwe International Airport in 2021.
6. The council approved a Special Purpose Vehicle to be created on a PPP basis to develop 90,000 kilometres of fibre optic cable to increase Nigeria’s internet connectivity by 60-70 percent. The SPV intends to copy the NLNG model.
7. The Council approved a consultancy service for the reconciliation and expansion of the remittances to NITDA.
8. Council approved the Ministry of Communications’ request to convert the property at 324 Jackson Street, San Francisco, USA, into a Nigerian Digital Technology Exchange Programme Hub. The Nigerian government owns the property, which is valued at close to $7 million.
9. The Federal Executive Council also approved the award of a contract for the building of bus terminals and other transport facilities in the Federal Capital, Abuja. Terminals will be built within 15 months at Kugbo, Abuja Central Business District and Mabushi. The whole project will cost N51 billion and will be executed by Planet Projects Nigeria Limited, which did similar contracts in Lagos and Oyo states.
10. Council approved the award of contract to Messrs El & Matt Nigeria Limited to upgrade Kwaita-Yebu Road in Kuala Area Council of Abuja at a cost of N7.6 billion. Completion time is 18 months.
11. The council approved the contract for the building of the Court of Appeal Abuja Division at a cost of N37.2 billion. Messrs Visible Construction Limited will execute the project.
12. The Council awarded the contract at the cost of N412 million for street lights on Bill Clinton Drive, Airport Expressway. The job includes the procurement of 8 backup generators, which will be powered by Compressed Natural Gas( CNG) or Solar, in line with the government’s decision to migrate from fossil fuel to renewable energy. The council discussed extensively the need for this energy transition, as it is climate-friendly, because of low emissions and also because it will reduce the cost of transportation and inflation.
13. The council approved the Nigeria Customs Service’s request to buy 200 Toyota Land Cruiser Buffalo V6 at a cost of N12.5 billion. All the vehicles will be CNG-powered. The government also approved insurance cover for the vehicles at a cost of N522 million. The cover will be provided by NEM.
14. Messrs Yuan Resources Limited was awarded the concession to deploy a revenue assurance platform under the PPP arrangement in the lottery and gaming sector. The concession, which will be for 15 years, will be done via the DFBOT option, which means Design, Finance, Build, Operate and Transfer.
15. Before the Monday meeting was adjourned till Tuesday, the council approved several road projects. Among them was the reconstruction of Iseyin-Okeho-Iganna Road in Oyo State.
16. Council approved Section 2 of the Lagos-Calabar Coastal Superhighway for construction, at a cost of N1.6 trillion.
17. Approval was granted for the award of a contract for the reconstruction of Koton-Karfe -Abaji Road (Abuja-bound) along the Abuja-Lokoja Route in Kogi state at the cost of N89 billion.
18. On Day 2 of the FEC meeting, approval was given for the award of the contract for the equalisation of Lokoja-Benin Road, Okpela Section, Lokoja-Benin, Dualised Auchi Section -Uromi Link Road and Lokoja-Benin Road, Ekpoma Section. Recently, a fuel tanker fell into high water on this road, requiring villagers to swim to rescue its occupants. BUA Cement will finance the reconstruction at a cost of N120 Billion under the tax credit scheme.
19. Council approved contracts to various contractors to build roads and bridges in Kaima-Tesse, Kwara State, Benin-Agbor, BeninByepass and Ngaski-Wara in Kebbi State. All the four contracts will cost N546 billion.
20. Messrs CCECC was awarded a contract worth N230 billion to build the Kano Bypass. The 37 km-long road will include bridges and several flyovers. The company has 36 months to complete the work.
21. The Council approved the procurement of the Sokoto-Illela-Badagry superhighway, which is meant to join the Lagos-Calabar Coastal superhighway. The road was first awarded in 1976 and then abandoned.