14 major projects, policies approved at the FEC meeting

 

The Federal Executive Council (FEC) concluded a two-day meeting on May 14, 2024, with the approval of several policies and projects aimed at enhancing Nigeria’s economy and infrastructure.

 

The meeting, which was presided over by President Bola Tinubu, was attended by Vice President Kassim Shettima, ministers and other members of the council.

Here are some of the decisions made at the meeting as revealed by Bayo Onanuga, the special adviser to the president on information and strategy, on X.

 

1. Housing Initiative

The launch of initiatives in partnership with the private sector to transform the infrastructure and housing mortgage sector, potentially unlocking N2 trillion in investments. These initiatives are designed to meet the demand for infrastructure and affordable housing, leading to job creation and productivity enhancement.

 

 

2. Airport Gate Toll Fees

In a move to improve airport operations, the FEC mandated toll payments at the gates of all federal airports, applicable to all users, including the president and vice president.

 

3. Sand Dredging Ban

A ban on sand dredging within 10 kilometers of federal bridges was announced to protect infrastructure.

 

 

4.  Visa Policy Review

The council set a four-week deadline to review the visa policy, aiming to simplify the process for tourists, business people, and creative professionals. The revised policy will allow online applications and 48-hour visa issuance, with potential visa waivers for certain countries’ visa holders.

 

 

5. Disabled Aircraft Recovery System Contract

Approval was granted for a N4.2 billion contract for a disabled aircraft recovery system at Murtala Muhammed Airport in Lagos, mirroring a similar contract for Nnamdi Azikiwe International Airport in 2021.

 

6. Internet Connectivity

The FEC endorsed the creation of a Special Purpose Vehicle (SPV) to develop 90,000 kilometers of fiber optic cable, aiming to boost internet connectivity by 60-70 percent.

7. Consultancy Service For NITDA

Other approvals include a consultancy service for NITDA remittances reconciliation, the conversion of a property in San Francisco into a Nigerian Digital Technology Exchange Programme Hub.

 

 

8. Construction Of Bus Terminals In Abuja

The construction of bus terminals and transport facilities in Abuja totaling N51 billion and will be executed by Planet Projects Nigeria Limited, which did similar contracts in Lagos and Oyo states.

 

9. Construction Projects In Abuja

Road upgrades and construction projects received the green light, including the Kwaita-Yebu Road in Abuja, the Court of Appeal Abuja Division building. The project will be executed by Messrs Visible Construction Limited.

 

10. Street Light Project

The Council awarded a contract at a cost of N412 million for street lights on Bill Clinton Drive, Airport Expressway. The job includes the procurement of 8 back-up generators, which will be powered by Compressed Natural Gas( CNG) or Solar, in line with the government’s decision about migrating from fossil fuel to renewable energy.

 

11. Vehicles For Nigeria Customs Service

The meeting gave the approval to the Nigeria Customs Service to acquire 200 CNG-powered Toyota Land Cruiser Buffalo V6 vehicles for N12.5 billion, with an additional N522 million insurance cover.

 

12. Lottery And Gaming Sector

A 15-year concession was awarded to Yuan Resources Limited to deploy a revenue assurance platform in the lottery and gaming sector. The concession, which will be for 15 years, will be done via DFBOT option, which means Design, Finance, Build, Operate and Transfer.

 

13. Major Road Projects

The council approved significant road projects, including Section 2 of the Lagos-Calabar Coastal Superhighway, the Koton-Karfe -Abaji Road, and the Lokoja-Benin Road, with a collective cost running into trillions of Naira.

 

14. Sokoto – Badagry Superhighway

The meeting also gave approval of the Sokoto-Illela-Badagry superhighway procurement, reviving a project initially awarded in 1976.

 

 

Other Major  Financial news Headlines today May 15, 2024:

After marathon session, Federal Executive Council bets on 21 key initiatives to get Nigeria moving again

Why you should have a retirement saving account

IFRS 17: Insurers struggle as 2 months extension deadline for compliance nears

 

To read these and other news items in detail either get a printed copy of business day newspaper of visit their website

 

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