FEC okays N1.6tn for section two of coastal highway, others
The Federal Executive Council chaired by President Bola Tinubu concluded its two-day meeting on Tuesday, with the approval of a series of significant infrastructure projects and policy initiatives.
A statement by Bayo Onanuga, the Special Adviser, Information and Strategy to President Bola Tinubu via his X page on Tuesday noted that the council supported a series of initiatives and measures designed at boosting the economy, facilitating investments, and promoting ease of doing business in the country.
According to him, the major highlights of the concluded meeting are as follows:
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 that visa applicants can apply for the visa online and get one within 48 hours. Also, visas may be waived for holders of visas in some countries.
5. The council approved 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. Council approved 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 per cent. 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. The Council approved the request of the Ministry of Communications to convert the property at 324 Jackson Street, San Francisco, USA into a Nigerian Digital Technology Exchange Programme Hub. Property owned by the Nigerian government 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 for N7.6 billion. Completion time is 18 months.
11. Council approved the contract for the building of the Court of Appeal Abuja Division for N37.2 billion. The project will be executed by Messrs Visible Construction Limited.
12. The Council awarded a contract for 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.
According to him, 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 request by Nigeria Customs Service to buy 200 Toyota Land Cruiser Buffalo V6 for N12.5 billion. All the vehicles will be CNG-powered. The government also approved insurance cover for the vehicles for 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, for N1.6 trillion.
17. Approval was granted for the award of contract for reconstruction of Koton-Karfe -Abaji Road (Abuja bound), along Abuja-Lokoja Route in Kogi state at a cost of N89 billion.
