The Nation Newspaper

Tag: FEC approves

  • FEC approves key measures to boost oil production, transparency

    FEC approves key measures to boost oil production, transparency

    The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri has announced steps by the Federal Executive Council (FEC) to enhance transparency and ramp up oil production in Nigeria. 

    A statement by Nneamaka Okafor, SA Media and Communication to the Minister obtained by The Nation, noted that the Federal Executive Council has approved several memos from the Ministry, aimed at ensuring the integrity of petroleum production and sales, and boosting investor confidence.

    “We are intensifying efforts to ensure transparency in the production and sale of our petroleum products, with a strong focus on eliminating crude theft and diversion,” stated Minister Lokpobiri.

    “One of the major approvals includes the metering of 187 flow stations across the Niger Delta region. This initiative, to be coordinated by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), is set to be completed within 180 days. 

    “The metering project will enable precise tracking of production and exports, ensuring that every barrel is accounted for. “This is a clear indication that we mean business in this regard,” Lokpobiri added.

    Read Also: Olubadan: PDP chieftain Abidikugu felicitates Olakulehin on coronation

    “Furthermore, the Federal Executive Council has approved the implementation of the Advanced Cargo Tracking system. This system will monitor cargo from the point of loading to the final destination, significantly curbing oil theft and diversion. The project is also scheduled for completion within 180 days.

    Minister Lokpobiri emphasized the importance of these measures: “These initiatives are crucial for boosting our revenue tracking and enhancing the confidence of investors in our oil and gas sector,” he stressed. 

    The Minister also highlighted the positive impact these measures are already having on investor sentiment. “The return of investors to the sector is a testament to our commitment, and we anticipate even more investment as we continue to implement these transparency measures,” he noted.

    These approvals are part of the broader strategy by the Ministry to ensure that Nigeria’s petroleum resources are managed efficiently and transparently, fostering a conducive environment for sustainable growth and investment in the sector.

  • FEC approves N185b for 14 roads

    The Federal Executive Council (FEC) yesterday approved N185. 276 billion for rehabilitation, construction and repairs of 14 roads.

    Special Adviser on Media and publicity to the President Femi Adesina, who briefed reporters after the meeting, was accompanmied by Minister of Health Prof. Isaac Adewole, Minister of Trade and Investment, Okechukwu Enelamah and Minister of Justice and Attorney General of the Federation Abubakar Malami.

    He listed the roads as “Gwoza – Damboa – Goniri – Ngamdu Road in Yobe/Borno States by Hajaig Construction Nigeria Ltd. at the cost of N34.608 billion, Mayo Belwa – Jada – Ganye – Torngo Road in Adamawa by Messrs Triacta Nigeria  Ltd. at the rate of N22.699bn

    “Ado – Ifaki – Otun – Kwara State border in Ekiti State at the rate of N6.002 billion, Repair Makurdi bridge in Benue State by Messrs AG Visio  Construction Ltd.N4.617 billion, Ihugi – Korinya -Wuse -Ankor in Benue State Datum Construction Ltd N15.641 billion.

    “Gbagi – Apa – Owode in Badagry Lagos State by Messrs Smithcrown Nigeria Ltd.at NN4.366 billion, Construction Ijebu Igbo – Ita Egba Owonowen in Ogun and Oyo Statesto Messrs DC EngineeringN9.833 billion, Dualisation of Jattu – Fugar – Agenebode in Edo Phase II by Mothercat at N7.506 billion.

    “Makurdi – Gboko – Wannune – Yander Section 1 in Benue State to Messrs Rockbridge Construction Ltd. at the rate of N18.669 billion, Old – Enugu – Poth Harcourt Road at Agbogugu – Abia border Spur by Messrs Setraco Ltd. at N13.933 billion, Rehabilitation of Umulungbe – Umoka road at N6.249 billion.

    “Amokwu – Ikedimkpe – Egede – Opeyi Awhum Road in Enugu State to Messrs IDC Construction N21.729 billion, Rehabilitation of Nkwu Inyi – Akpugoeze in Anambra State  Anbeez Services at N2.595 billion, Construction of Sabon Birnin – Tsululu – Kuya – Maradi Junction road in Sokoto by Messrs China Zhonghao Nigeria Ltd N4.354 billion.”

    He also said arrangement had been finalised for the President to sign the 2018 Appropriation Bill into law next week.

    Enelamah said FEC approved the construction of phase two of the industrial training fund centre in Abuja at a cost N6.5 billion.

    He added that “The importance of this is that the ITF is one of the most important agencies of government when it comes to vocational training and skills acquisition and Abuja is a very important center of training for ITF.

    Prof. Adewole said Council approved Draft Food Safety and Quality Bill and the Food Safety Institutional Reform working document.

    According to him, Council also approved a Draft National Tobacco Control Regulation.

  • FEC approves $945m loan for water, others

    FEC approves $945m loan for water, others

    THE Federal Executive Council (FEC) has approved three foreign loans for irrigation system, prevention of flood in Ibadan, Oyo State and provision of water for Bauchi, Ekiti and Rivers states, for $945 million.

    The meeting, presided over by Vice President Namadi Sambo,  also approved four different road projects for N22 billion.

    Minister of State for Finance Bashir Yuguda broke the news while briefing State House correspondents in Abuja at the end of the meeting.

    He was accompanied by four ministers, including Taminu Turaki (Special Duties); Sarah Ochekpe (Water Resources); Akinwunmi Adesina (Agriculture and Rural Development); and Stephen Oru (Niger Delta Affairs).

    According to Yuguda, the first of the five memoranda presented to the council by his ministry for approval was the one on the International Development Association’s credit of $495 million for proposed irrigation management.

    The facility, he said, was to upscale what the Federal Government was doing in improving the irrigation system to ensure “a year-in year-out farming season”.

    He said the facility has five years grace period and a repayment period of 20 years while it will attract a service charge of 0.75 per cent.

    The minister also disclosed that the loan would attract an interest rate of 1.25 per cent per year and a commitment fee of 0.5 per cent per annum.

    Also, Yuguda said $200 million loan was also approved by the council to check the frequent flooding in Ibadan, Oyo State.

    He said:”We have all been witnessing the flood that have happened in Ibadan, the first one was in 1980 and the second one in 2011. Some remedial works were carried out to avert the future occurrence of flooding in the city. But we believe, with this credit facility of $200 million, we will be able to arrest the frequent flooding within the Ibadan city.

    “The idea is to work with the Ministry of Water Resources and Ministry of Agriculture to arrest the situation,” he stated.

    Another $250 million, the minister added, was approved by the council for the proposed third national urban water sector reform project.

    Yuguda said the project, which would be implemented over a period of six years, has components such as water sector reform and governance, institutional framework and human capital development, sector-wide improvement and project management at the federal level.

    According to him, about one million Nigerians are to benefit from the project aimed at addressing the increasing demand for water in the three states of Bauchi, Ekiti and Rivers.

    Speaking further on the foreign loan for irrigation, Mrs. Ochekpe said 50,000 hectares of land would be improved for cultivation over a period of seven years.

    According to her, five irrigation schemes across the country are involved in the project and major beneficiaries include the basin stakeholders, the irrigation and drainage entities and the water users’ association federation.

    She added that the project was approved by the World Bank Board in June, stressing that it will be effective this month.

    She said six projects have already been completed or rehabilitated in Kaduna, six in Ogun State, two in Enugu, one in Cross River, three main and seven minor projects in Lagos.

    On the road sector, the Minister of Niger Delta Affairs said the construction of Mbaise Ring Road intersecting Owerri-Umuahia Road in Imo State was awarded for N6.178 billion with a completion period of 18 months.

    The construction of Calabar-Oban-Nsan-Okoroba-Ajassor Road in Cross River State, according to him, was awarded for N9.067 billion with a completion period of 24 months.

    The other two road projects, he said, were the Phase 1 of Mbak Mkpeti-Itu-Okoita-Arochukwu Road in Abia, Cross River and Akwa Ibom awarded for N3.55billion with a completion period of 24 months.

    The minister also revealed that the Mbak Atai-Ikot-Ntu-Mkpeti-Okuiboku Road in Akwa Ibom was awarded at the cost of N3.246 billion with a completion period of 18 months.

  • FEC approves N147.4b for road projects

    FEC approves N147.4b for road projects

    THE Federal Executive Council (FEC) meeting approved yesterday N147.4 billion for road projects across the country.

    The Minister of Works, Mike Onolememen, briefed State House correspondents after the meeting presided over by President Goodluck Jonathan.

    He was accompanied by the Minister of Information Labaran Maku; Minister of Health, Onyebuchi Chukwu; Minister of State for Trade and Investment, Samuel Ortom; and the Director-General of Budget Office, Bright Okogu.

    The meeting, which started at 10:30am, ended a few minutes to 5pm.

    The Works minister said N71.6 billion was approved for the Benin-Ore-Lagos Expressway, while N75.8 billion was approved for the Okene-Benin Expressway.

    The first project, he said, was for the reconstruction and asphalt overlay of Benin-Ofosu-Ore-Ajebandele-Shagamu dual carriageway Phase IV: Ajebandele-Shagamu KM162 + 586 (Ondo State to KM 261 + 000 (Ogun) in Ogun State.

  • FEC approves N40.2b for National Assembly repairs

    FEC approves N40.2b for National Assembly repairs

    The Federal Executive Council (FEC) yesterday approved N40.2 billion for the construction of the Phase III of Part III and upgrading of the two chambers of the National Assembly complex.

    The Minister of the Federal Capital Territory (FCT), Senator Bala Mohammed, addressed State House correspondents at the end of FEC meeting presided over by Vice President Namadi Sambo.

    He said the project sites would be shut for the 12 months while the lawmakers would use alternate offices and committee rooms within the complex.

    Mohammed said: “Approval was given by the Council for the award of contract for the construction of Phase III of Part III and upgrading of the two chambers of the National Assembly complex in favour of Julius Berger for N40,238,899,499.85 to be completed in 40 months.”

    The new projects, he said, included the construction of the library, the budget office, the printing press, the clinic, restaurants, banquet hall, places of worship, plenary hall (auditorium), TV/radio/press facilities, fitness room, administrative offices, technical rooms, meeting rooms and upgrading of the two chambers.

    Information Information Labaran Maku, at the briefing, said N3,630,000,000 was approved for the acquisition and purchase of an office building for the Petroleum Equalisation Fund (PEF) management board in Abuja.