The Federal Executive Council (FEC), has concluded its meeting, which started on Monday, May 13, and ended on Tuesday, May 14, 2024.
The meeting was presided over by President Bola Tinubu.
It was indeed an exhausting meeting, spiced with lots of deliberations.
After hours of back and forth, the council approved a number of policies and projects.
This is to further boost the economy, facilitate investments and promote the ease of doing business in the country.
Highlights From The FEC Meeting
We understand that due to your busy schedule, you may have missed this crucial meeting.
Well, you have nothing to worry about.
In this article, iBrandtv brings you the major highlights from the meeting.
These highlights were shared by the special adviser to President Tinubu on information and strategy, Bayo Onanuga.
Series Of Initiative
- 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 ₦2 trillion are aimed at transforming the nation’s infrastructure and housing mortgage sector.
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It will also meet the urgent demand for critical infrastructure and affordable homeownership, 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.
The mortgage will be at low-interest rates.
This will help to realise their dream of owning a home.
Strategic Partnership
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.
The aim is to accelerate the delivery of vital projects, driving sustainable development and economic progress for all Nigerians.
- 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.
Visa Policy
- The council announced a ban on sand dredging 10 kms from all Federal bridges throughout the country.
- Council annouced a 4-week deadline for review of visa policy to enable tourists, business people, and creative professionals 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.
Recovery System
- The council granted approval for the supply, installation and training of operators of disabled aircraft recovery system at Murtala Muhammed Airport in Lagos.
The contract will cost ₦4.2 billion. Similar contract was awarded in 2021 for Nnamdi Azikiwe International Airport in 2021.
- 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 percent.
The SPV intends to copy the NLNG model.
Consultancy Service
- Council approved a consultancy service for the reconciliation and expansion of the remittances to NITDA.
- 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.
The said property owned by the Nigerian government is valued at close to $7million.
- The Federal Executive Council also approved the award of 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.
Contracts
The whole project will cost ₦51 billion and will be executed by Planet Projects Nigeria Limited, which did similar contracts in Lagos and Oyo states.
- 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 ₦7.6 billion. Completion time is 18 months.
- Council approved contract for the building of the Court of Appeal Abuja Division at a cost of ₦37.2 billion. Project will be executed by Messrs Visible Construction Limited.
- The Council awarded contract at a cost of ₦412million 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.
Renewable Energy
This is in line with government’s decision about migrating 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 cost of transportation and inflation.
- Council approved the request by Nigeria Customs Service to buy 200 Toyota Land Cruiser Buffalo V6 at a cost of ₦12.5 billion.
All the vehicles will be CNG powered. Government also approved insurance cover for the vehicles at a cost of ₦522 million.
The cover will be provided by NEM.
Before The FEC Meeting
- Messrs Yuan Resources Limited was awarded the concession to deploy a revenue assurance platform under PPP arrangement in the lottery and gaming sector.
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The concession which will be for 15 years, will be done via DFBOT option, which means Design, Finance, Build, Operate and Transfer.
- Before the Monday meeting was adjourned till Tuesday, council approved several road projects.
Among them was the reconstruction of Iseyin-Okeho-Iganna Road in Oyo State.
Lagos-Calabar Coastal Highway
- Council approved Section 2 of the Lagos-Calabar Coastal Superhighway for construction, at a cost of ₦1.6 trillion.
- 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 ₦89 billion.
- On Day 2 of the FEC meeting, approval was given for the award of contract for the equalisation of Lokoja-Benin Road, Okpela Section, Lokoja-Benin, Dualised Auchi Section -Uromi Link Road and Lokoja-Benin Road, Ekpoma Section.
Road Contracts
It was on this road that a fuel tanker fell into high water recently, with villagers having to swim to rescue the occupants of the tanker.
The reconstruction will be financed by BUA Cement at a cost of ₦120 Billion under the tax credit scheme.
- 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 ₦546 billion.
Kano Bypass
- Messrs CCECC was awarded contract at N230 billion to build Kano Bypass.
The road which is 37kms long will include bridges and several flyovers.
The company has 36 months to complete the work.
- The Council approved for procurement 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.
