Highlights Of Decisions Taken At Federal Executive Council Meeting On 13th And 14th May
The Federal Executive Council (FEC), presided over by President Bola Tinubu, concluded its meeting spanning May 13 and 14, 2024. The Council approved numerous policies and projects aimed at boosting the economy, facilitating investments, and enhancing the ease of doing business in Nigeria. Below are the major highlights from the meeting, as shared by Bayo Onanuga, Special Adviser to President Tinubu on Information and Strategy:....KINDLY READ THE FULL STORY HERE▶

1. Infrastructure and Housing Initiatives: The FEC supported initiatives to revolutionize Nigeria’s infrastructure and housing sectors through Public-Private Partnerships (PPPs), aiming to unlock N2 trillion. The government envisions providing 25-year low-interest mortgages to enable affordable homeownership.
2. Airport Tolls: All users of federal airports across Nigeria must now pay tolls at the gates, including the President and Vice President.
3. Sand Dredging Ban: Sand dredging is banned within 10 kilometers of all federal bridges nationwide.
4. Visa Policy Review: A 4-week deadline was set for reviewing visa policies to facilitate tourism, business, and creativity. The review aims to allow online visa applications with a 48-hour processing time and potential visa waivers for certain countries.
5. Disabled Aircraft Recovery System: Approval was granted for the supply, installation, and training for a disabled aircraft recovery system at Murtala Muhammed Airport in Lagos, costing N4.2 billion.
6. Fibre Optic Cable Development: A Special Purpose Vehicle (SPV) will be created on a PPP basis to develop 90,000 kilometers of fibre optic cable, increasing Nigeria’s internet connectivity by 60-70%.
7. NITDA Reconciliation and Expansion: Approval for consultancy services for the reconciliation and expansion of remittances to the National Information Technology Development Agency (NITDA).
8. Digital Technology Exchange Programme Hub: Conversion of the property at 324 Jackson Street, San Francisco, USA, into a Nigerian Digital Technology Exchange Programme Hub, valued at close to $7 million.
9. Bus Terminals in Abuja: Contracts worth N51 billion were approved for building bus terminals and other transport facilities in Abuja. The project will be completed by Planet Projects Nigeria Limited within 15 months.
10. Kwaita-Yebu Road Upgrade: A contract worth N7.6 billion was awarded to Messrs El & Matt Nigeria Limited to upgrade the Kwaita-Yebu Road in Abuja, to be completed in 18 months.
11. Court of Appeal Abuja Division: A contract worth N37.2 billion was awarded for the construction of the Court of Appeal Abuja Division, to be executed by Messrs Visible Construction Limited.
12. Street Lights on Bill Clinton Drive: A N412 million contract for street lights on Bill Clinton Drive, including the procurement of 8 back-up generators powered by Compressed Natural Gas (CNG) or Solar.
13. Toyota Land Cruiser Buffalo V6 for Customs: Nigeria Customs Service will purchase 200 CNG-powered Toyota Land Cruiser Buffalo V6 vehicles at a cost of N12.5 billion, with insurance cover provided by NEM at a cost of N522 million.
14. Revenue Assurance Platform for Lottery and Gaming Sector: A 15-year concession was granted to Messrs Yuan Resources Limited for deploying a revenue assurance platform under a PPP arrangement in the lottery and gaming sector.
15. Road Projects: Several road projects were approved, including the reconstruction of Iseyin-Okeho-Iganna Road in Oyo State and Section 2 of the Lagos-Calabar Coastal Superhighway at a cost of N1.6 trillion.
16. Koton-Karfe – Abaji Road Reconstruction: An N89 billion contract was awarded for the reconstruction of Koton-Karfe – Abaji Road in Kogi State.
17. Lokoja-Benin Road Reconstruction: Approval for the reconstruction of Lokoja-Benin Road, Okpela Section, Lokoja-Benin Dualised Auchi Section – Uromi Link Road, and Lokoja-Benin Road, Ekpoma Section, financed by BUA Cement at a cost of N120 billion under the tax credit scheme.
18. Additional Road and Bridge Contracts: Various contracts for roads and bridges in Kwara, Edo, and Kebbi States, totaling N546 billion.
19. Kano Bypass: A N230 billion contract to Messrs CCECC for the construction of a 37km Kano Bypass, including bridges and flyovers, to be completed in 36 months.
20. Sokoto-Illela-Badagry Superhighway: Procurement approval for the Sokoto-Illela-Badagry superhighway to join the Lagos-Calabar Coastal superhighway, initially awarded in 1976 but abandoned.