The Federal Executive Council, Tuesday, May 14, 2024 concluded its two-day meeting.
After exhaustive deliberations, the council approved a number of policies and projects that expected to further boost the country’s economy, facilitate investments and promote the ease of doing business in the country.
Techeconomy highlights the key decisions and approvals by the Federal Executive Council (FEC) meetings of May 13th and 14th presided over by President Bola Tinubu:
1. 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, 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 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 kms from all Federal bridges throughout the country.
4. Council announced 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.
5. 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 N4.2 billion. 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 percent. The SPV intends to copy the NLNG model.
7. Council approved a consultancy service for the reconciliation and expansion of the remittances to NITDA.
8. 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 $7million.
9. 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. 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. FEC approved contract for the building of the Court of Appeal Abuja Division at a cost of N37.2 billion. Project will be executed by Messrs Visible Construction Limited.
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