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Tag: FEC

  • FEC okays N53b for 200 electric buses

    FEC okays N53b for 200 electric buses

    The Federal Executive Council (FEC) yesterday approved a series of projects spanning industry, trade and aviation, including the purchase of 200 electric buses, adoption of a new national industrial policy and upgrades of navigational and safety equipment in airports across the country.

    Speaking with reporters at the State House after the meeting presided over by President Bola Tinubu, the Minister of State for Industry, Trade and Investment, John Eno, and the Minister of Aviation and Aerospace Development, Festus Keyamo, outlined the approvals granted to their respective ministries.

    Eno said five memos were considered for his ministry, with three relating directly to industrial development.

    He said Council approved the supply of 200 electric buses, at the cost of N58 billion for the National Automotive Design and Development Council (NADDC), describing the decision as a significant boost to Nigeria’s automotive and green mobility aspirations.

    He added that the design and construction of a new Bank of Industry (BoI) headquarters at Eko Atlantic City, Lagos, also received approval, at a total cost of N187 billion.

    Meanwhile, Council endorsed the Nigerian Industrial Policy 2025, a document he said was crucial to attracting global development partners and guiding the country’s manufacturing and diversification agenda.

    “When I came in, development partners would not engage us because we lacked an industrial policy. This document now gives Nigeria a proper guide for industrialisation and aligns with the President’s economic diversification drive,” he said.

    On trade and investment matters, the minister said Council approved the construction of internal and access roads within the Lekki Medical Tourism Park, Lagos.

    Nigeria, he added, had also been confirmed as host of the next Intra-African Trade Fair following a competitive bidding process in collaboration with Afreximbank.

    Lagos will serve as host city, with the Wole Soyinka Centre for Culture and Creative Arts (formerly National Theatre, Iganmu) designated as the main venue.

    Read Also: Tinubu unveils new security, economic blueprint to harness Nigeria’s marine wealth

    “This is a huge event for the continent and positions Nigeria strongly within the African Continental Free Trade Area. It reinforces our ambition to become Africa’s hub for industrialisation rather than a dumping ground,” Eno said.

    Keyamo said the Council approved several aviation infrastructure and safety projects, including continued maintenance and technical support services at the Aminu Kano International Airport by China Civil Engineering Construction Corporation (CCECC), the builders of the airport’s new terminal.

    He noted that the arrangement also includes training Nigerians to take over maintenance duties in the near future.

    The minister also announced approvals for advanced navigational and safety technologies, including procurement and installation of the Advanced Surface Movement Guidance and Control System at Lagos and Abuja airports to detect obstructions on runways and alert approaching aircraft.

    Other approvals include construction of modular air traffic control towers in eight airports, installation of aeronautical frequency spectrum monitoring and interference detection systems, and upgrades of air-ground radio communication systems at nine airports, including Lagos, Abuja, Port Harcourt, Kano, Ilorin, Maiduguri, Sokoto and Wukari.

    Keyamo said the measures reflect the President’s insistence on aviation safety across the country.

    “Our airspace is now one of the safest in Africa because of our compliance level since this administration came in. The President continues to insist that Nigerians must fly safely,” he said.

    He added that the Council also approved continued expansion of biometric-enabled electronic gates at all international airports to fast-track immigration processing and improve passenger experience.

  • FEC approves 2026–2028 MTEF, projects ₦34.33trn revenue

    FEC approves 2026–2028 MTEF, projects ₦34.33trn revenue

    The Federal Executive Council (FEC) on Wednesday approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), outlining revenue projections, fiscal assumptions and spending priorities that will guide the government’s economic direction over the next three years.

    Briefing State House Correspondents after the meeting presided over by President Bola Ahmed Tinubu, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, said the document was jointly presented by the Budget Office of the Federation, led by its Director-General, Tanimu Yakubu, in collaboration with officials of his ministry.

    Bagudu said the Council adopted an oil production target of 2.06 million barrels per day for 2026, while a more conservative 1.8 million barrels per day will be used for budget planning.

    An oil benchmark price of $64 per barrel was approved, alongside a projected exchange rate of ₦1,512 to the dollar.

    He noted that the exchange rate assumption factored in the fiscal outlook ahead of the 2027 general elections, explaining that all parameters were drawn from extensive macroeconomic analysis by the Budget Office and other relevant agencies.

    According to the minister, the federal government expects to generate ₦34.33 trillion in revenue in 2026, reflecting efforts to deepen non-oil earnings, improve tax administration, and broaden the national economic base.

    He added that the Council also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets spending limits and reinforces fiscal discipline.

    Also speaking, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the MTEF dominated Wednesday’s discussions, although Council also considered two financing proposals.

    He disclosed that FEC approved a $100 million African Development Bank facility under the Nigeria Youth Investment Fund to support entrepreneurs aged 18 to 35, especially those operating small and medium-scale businesses.

    Council further endorsed an Islamic Development Bank facility for an integrated agricultural development project in Yobe State to bolster food production and rural livelihoods.

    Edun said President Tinubu commended the Council’s work but emphasised that the administration must intensify efforts toward economic transformation.

    While acknowledging recent improvements in GDP growth, the President was quoted as insisting that current growth levels fall short of his target of 7 percent.

    He therefore directed Ministries, Departments and Agencies (MDAs) to focus capital spending on growth-enhancing and job-creating projects, warning that the government expects more measurable outcomes from capital investments in the months ahead.

    Details shortly…

  • FEC rolls out project approvals

    FEC rolls out project approvals

    The Federal Executive Council (FEC) yesterday made a raft of approvals for major projects across the country.

    These include N43billion for the Lagos–Ibadan highway and others; concession of Port Harcourt International Airport; the Maitama 2 District, judiciary residences projects; $396million loans for northern IDPs and Sokoto health project, and the setting up of the Presidential Task Force on ‘Detty December’.

    FEC approved over N43 billion for the completion of Phase II, Section II of the Lagos–Ibadan Expressway, as part of a new round of infrastructure investments under the Ministry of Works.

    Minister of Works Dave Umahi noted that the new approval covers additional components such as flyovers, underpasses, and adjoining roads not included in previous phases.

    “This project was awarded about five years ago, but didn’t take off. When Mr. President came in, FEC terminated the earlier contract. Now we’ve re-awarded Phase II, Section II for N43 billion.”

    The Council also approved the review of the Mushin–NNPC Junction–Apapa–Oshodi Expressway dualisation, initially awarded in 2022 for N11 billion but now revised to N19.09 billion, reflecting inflation and design changes.

    The 14.4-kilometre project is part of ongoing efforts to ease access to Lagos ports and industrial corridors.

    FEC further approved the third section of the 1,068km Sokoto–Badagry Superhighway, covering the Badagry–Ogun–Oyo border stretch (162.97km), to be built with reinforced concrete pavement at N3.39 billion per kilometre.

    Similarly, the Ilorin–Omu Aran–Egba Road (206.7km) will be executed in phases, with Phase I (31km) approved for N43 billion, while other sections will follow as funding permits.

    On the Enugu–Onitsha Road (OP Junction–Ukehe–Okatu–Abu Udi–Oji–Anambra border), Umahi said Phase I (35.1km) is valued at N28.47 billion, of which N21 billion has been released, leaving a N7 billion balance.

    The Council reviewed the East–West Road, inherited at N156 billion, now progressing with one carriageway completed and 30 per cent of the second underway.

    Pending flyovers at Abuloma and Refinery Junctions in Rivers State will be presented for new approvals later this month.

    In Ota–Idiroko, Ogun State, Section I (14km) was revised from N43 billion to N98 billion after converting from flexible to rigid pavement due to high underground water levels.

    The 509-metre flyover with dual ramps was also revalued upward from N17 billion to N23 billion.

    FEC approved Phase II (42km) of the Wasasa–Turunku–Mararaba Road in Kaduna State for N30.23 billion, following an earlier N18 billion approval for Section I.

    The Ijebu Igbo–Etapa–Owoyen Road linking Ogun and Oyo States was also expanded by 7km and revalued from N13 billion to N53 billion, featuring reinforced concrete and improved subgrade.

    Umahi attributed the revisions to design enhancements, difficult terrain, and inflation, noting that steel prices have risen to over N1.1 million per ton.

    He confirmed that the governors of Edo, Delta, and Abia States have taken over some federal road projects.

    Concession of PH Int’l Airport

    FEC approved the concession of the Port Harcourt International Airport to private investors to enhance efficiency and service delivery.

    Minister of Aviation and Aerospace Management Festus Keyamo said: “We now have approvals to begin finalising with private investors for two major airports, including Port Harcourt. Let me assure the unions that nobody will lose their job as a result of these concessions,” he said.

    Keyamo explained that many airports currently run at a loss, subsidised by Lagos, Abuja, and Kano airports. He noted that Port Harcourt, previously unattractive to investors, now has over six investors competing for management rights.

    FEC also approved contracts for airport management systems, advanced navigation aids, and 15 firefighting vehicles to meet ICAO standards.

    It approved the construction of a permanent headquarters for the Nigerian Airspace Management Agency (NAMA) and barred the sale of FAAN residential properties to private individuals to preserve airport safety.

    Read Also: FG launches ministerial project approval board

    FEC approved the concession of biometric verification systems to integrate passengers’ NINs into boarding processes, strengthening aviation security and identity management.

    Maitama 2 District, judiciary residences

    Minister of the Federal Capital Territory, Nyesom Wike, said FEC approved the long-awaited contract for engineering infrastructure in Maitama 2 District, covering 786 hectares.

    “This contract was awarded about five years ago but did not take off. When Mr. President came, the FEC terminated that contract. Today, FEC has approved a fresh one,” he said.

    The Council also ratified contracts for official residences for heads of key courts, including the President of the Court of Appeal and Chief Judges of the Federal High Court and FCT High Court.

    Wike added that FEC approved new water supply projects for Karu, Karshi, Orozo, and Bwari, and ratified the emergency rehabilitation of the Bola Ahmed Tinubu International Conference Centre, completed for the ECOWAS Parliament inauguration earlier this year.

    $396m loans for northern IDPs, Sokoto health project

    Minister of Finance and Coordinating Minister of the Economy Wale Edun said the Council approved two external loans totalling $396 million – $300 million from the World Bank for internally displaced persons (IDPs) and host communities in northern Nigeria, and $96 million from the Islamic Development Bank (IsDB) and African Development Bank (AfDB) for the Sokoto Health Infrastructure Project, with the Sokoto State Government contributing counterpart funds.

    Edun said the loans align with the Renewed Hope Agenda, aimed at tackling regional inequalities, improving healthcare, and supporting communities affected by conflict.

    Task Force on ‘Detty December’

    Minister of Arts, Culture and Tourism Hannatu Musawa announced the establishment of a Presidential Task Force on “Detty December”, aimed at making Nigeria a top global destination for end-of-year festivals.

    She said the Task Force will coordinate ministries and agencies to support Lagos and other participating states during the festive period.

    FEC also approved Tourism and Cultural Economic Zones across the six geopolitical zones and the FCT to harness local tourism assets.

    Musawa revealed the adoption of the Naija Season brand for year-round festival promotion and the formation of a Presidential Council on Tourism Promotion and Investment, chaired by President Tinubu.

    She also announced FEC’s approval of a new Intellectual Property (IP) Policy and Legal Framework, allowing creatives to use their works as collateral for loans.

    “This is a game-changer. It will allow our creatives to monetise their ideas, protect their works, and access credit based on their intellectual property,” Musawa said.

  • FEC approves N43bn for Lagos–Ibadan highway, others

    FEC approves N43bn for Lagos–Ibadan highway, others

    The Federal Executive Council (FEC) has approved over N43 billion for the completion of Phase II, Section II of the Lagos–Ibadan Expressway, as part of a series of new and revised infrastructure projects under the Ministry of Works.

    Minister of Works, Dave Umahi, disclosed this to journalists after Thursday’s FEC meeting at the State House, Abuja, explaining that the fresh approval covers additional works such as flyovers, underpasses and adjoining roads that were not captured in earlier phases.

    “This project was awarded about five years ago but didn’t take off. When Mr. President came in, FEC terminated the earlier contract. Now, we’ve re-awarded Phase II, Section II for N43 billion. It includes underpasses, concrete pavement, ramps, and adjoining roads,” Umahi said.

    The Council also approved the review of the Mushin–NNPC Junction–Apapa–Oshodi Expressway dualisation, initially awarded in 2022 for N11 billion but now revised to N19.09 billion, reflecting inflation and rising construction costs.

    The 14.4-kilometre stretch is part of ongoing efforts to ease access to Lagos ports and industrial corridors.

    Read Also: Army chief pledges improved welfare, sound administration for troops

    In another development, FEC awarded the third section of the 1,068km Sokoto–Badagry Superhighway, covering the Badagry–Ogun–Oyo border segment measuring 162.97km.

    The section will be constructed with reinforced concrete pavement at a cost of N3.39 billion per kilometre.

    Similarly, the Ilorin–Omu Aran–Egba Road (206.7km) has been broken into phases for funding purposes, with Phase I (31km) approved for N43 billion, while subsequent phases will be implemented as budget permits.

    On the Enugu–Onitsha Road (OP Junction–Ukehe–Okatu–Abu Udi–Oji–Anambra border), Umahi said the project was divided into two phases, with Phase I (35.1km) valued at N28.47 billion.

    He noted that about N21 billion has already been disbursed, leaving a balance of N7 billion.

    The Council also reviewed progress on the East–West Road, inherited by the Tinubu administration at N156 billion for two carriageways, three flyovers, and two bridges.

    Due to heavy traffic and redesigns in pavement structure, the ministry has phased the project, completing one carriageway and 30 percent of the second, while pending flyovers at Abuloma and Refinery Junctions in Rivers State will be presented for fresh award before month’s end.

    In Ota–Idiroko, Ogun State, Section I (14km) of the project was revised from N43 billion to N98 billion following changes from flexible to rigid pavement and the discovery of high underground water levels.

    The 509-metre flyover with dual ramps was also reviewed upward from N17 billion to N23 billion.

    FEC equally approved Phase II (42km) of the Wasasa–Turunku–Mararaba Road in Kaduna State at N30.23 billion, following an earlier N18 billion approval for the first section (7.8km).

    Another highlight was the Ijebu Igbo–Etapa–Owoyen Road project linking Ogun and Oyo states.

    Initially awarded for N13 billion at 30km, it has now been extended by 7km and revalued to N53 billion with reinforced concrete and enhanced subgrade design.

    Umahi attributed the reviews to design improvements, challenging terrain, and inflationary trends, noting that the cost of reinforcement steel has risen to over N1.1 million per ton.

    He further disclosed that governors of Edo, Delta, and Abia States have taken over the funding and execution of select federal roads within their jurisdictions to ease fiscal pressure on the federal government.

  • FEC approves N13bn compensation, $34m transformer procurement to boost power supply

    FEC approves N13bn compensation, $34m transformer procurement to boost power supply

    The Federal Executive Council (FEC) on Wednesday approved four major proposals from the Ministry of Power in a renewed drive to reform and strengthen the nation’s national electricity grid.

    Minister of Power, Adebayo Adelabu, told journalists at the State House, Abuja, after the FEC meeting presided over by President Bola Tinubu, that the measures aim to modernise ageing transmission infrastructure, improve supply reliability, and meet rising electricity demand nationwide.

    He said the first approval was the release of ₦13 billion for compensation on right-of-way acquisitions under the Lagos Industrial Transmission Project, funded through a $238 million development loan from the Japan International Cooperation Agency (JICA).

    The project, he noted, is targeted at boosting supply to key industrial clusters in Lagos, which account for a large share of Nigeria’s manufacturing output.

    “This funding covers compensation to property owners and communities affected by the transmission lines’ route. Once completed, the Lagos Industrial Transmission Project will ensure that our industrial estates have the dedicated, stable power they need to drive economic growth and create jobs,” Adelabu explained.

    The other three approvals, according to him, centre on the procurement and installation of high-capacity transformers to replace weak, overloaded, and obsolete units on the national grid.

    The equipment procurement is valued at $34 million, with an additional ₦5.2 billion for associated costs.

    The breakdown includes: two units of 150MVA 330/132kV transformers; three units of 100MVA 132/33kV transformers; five units of 60MVA 132/33kV transformers; and two units of 30MVA 132/33kV transformers.

    Read Also: NIMC upgrades diaspora NIN enrolment platform for effective services

    “These transformers will be deployed strategically across the grid to relieve overloaded facilities, improve voltage stability, and accommodate the increased transmission capacity we are building,” the minister said.

    Adelabu described Nigeria’s national grid as an ageing system, much of which has been in operation for over five decades and is operating beyond its intended lifespan.

    “Many of the transformers, cables and related components are weak and prone to failure. Regular maintenance and timely replacement are essential if we are to achieve a stable, reliable and effective grid that meets the needs of households, offices, small businesses and industries,” he added.

    He assured that the latest approvals represent a significant step in the Tinubu administration’s broader power sector reform agenda, aimed at eliminating transmission bottlenecks, reducing system collapses, and laying a foundation for sustainable economic growth through improved electricity access.

  • Tinubu orders review of revenue deductions by key agencies

    Tinubu orders review of revenue deductions by key agencies

    …targets 7% growth by 2027 to tackle poverty

    …FG, IDB sign $125m infrastructure deal for Abia

    President Bola Ahmed Tinubu has directed a sweeping review of deductions and revenue retention practices by Nigeria’s major revenue-generating agencies, in a bid to boost public savings, improve spending efficiency, and unlock resources for growth.

    The order, issued at Wednesday’s Federal Executive Council (FEC) meeting in Abuja, covers the Federal Inland Revenue Service (FIRS), Nigeria Customs Service, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Maritime Administration and Safety Agency (NIMASA), and the Nigerian National Petroleum Company Limited (NNPC).

    The President’s directive was disclosed to journalists by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.

    According to Edun, President Tinubu specifically called for a reassessment of NNPC’s 30% management fee and 30% frontier exploration deduction under the Petroleum Industry Act (PIA).

    He tasked the Economic Management Team, chaired by Edun, to present actionable recommendations to FEC on the optimal way forward.

    The President said the directive was part of efforts to sustain reforms that have dismantled economic distortions, restored policy credibility, enhanced resilience, and bolstered investor confidence.

    According to him, these reforms have created a transparent, competitive business environment attractive to local and foreign investors in critical sectors such as infrastructure, oil and gas, health, and manufacturing.

    Reaffirming the Renewed Hope Agenda, Tinubu said Nigeria’s goal of a $1 trillion economy by 2030 requires growth of at least 7% annually from 2027 — a target he described as “not just economic, but a moral imperative,” as higher growth is the surest path to tackling poverty.

    He cited the July 2025 IMF Article IV report, which he said endorsed Nigeria’s economic trajectory and the need for investment-led growth.

    Highlighting grassroots empowerment, the President pointed to the Renewed Hope Ward Development Programme — a ward-based initiative covering all 8,809 wards across the country — designed to lift economically active citizens through micro-level poverty reduction strategies in collaboration with states, local governments, and private partners.

    Tinubu noted that public investment accounts for just 5% of GDP due to low savings, stressing that optimising “every available naira” is vital, especially under current global liquidity constraints.

    Read Also: Tinubu pledges to make steel sector Nigeria’s industrial engine

    Edun said macroeconomic indicators were improving, with a more stable exchange rate, easing inflation, rising revenues, and debt-to-GDP ratios now within range.

    He described savings as the foundation of investment and said the President’s directive aims to quickly raise public sector savings by reviewing deductions and retention practices.

    Meanwhile, Edun said he presented two memoranda to Council — a $125 million Islamic Development Bank financing for infrastructure in Abia State, covering 35 kilometres of roads in Umuahia and 126 kilometres in Aba; and a plan to refinance ₦4 trillion in outstanding electricity sector obligations.

    The electricity debt resolution will be executed in phases, with the first phase expected within three to four weeks under the coordination of the Debt Management Office and other agencies.

  • BREAKING: Tinubu presides over special FEC session in honour of Buhari

    BREAKING: Tinubu presides over special FEC session in honour of Buhari

    President Bola Ahmed Tinubu is currently presiding over a special session of the Federal Executive Council (FEC) convened in honour of the late former President Muhammadu Buhari.

    The solemn session, underway at the Council Chambers of the State House, has drawn an expanded audience, including top leaders of the National Assembly. 

    Among those in attendance are Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, Deputy Senate President Barau Jibrin, and Deputy Speaker Benjamin Kalu.

    President Tinubu arrived at the venue at about 5:27 p.m., where the majority of cabinet members and dignitaries were already seated. 

    The session commenced with the national anthem, after which the President delivered moving remarks in tribute to his predecessor.

    “President Muhammadu Buhari was respectful without pretence to his peers. He was kind to those who served under him. Even in death, he maintained the serenity that defined him in life,” President Tinubu said.

    Read Also: Karimi, Tinubu support group announce N300m bursary scheme for 3,000 Kogi students

    He added that Buhari’s patriotism “was lived more in action than in words,” describing him as “a good man, an honourable man, and a decent man.”

    Former President Buhari, who led Nigeria from 2015 to 2023, passed away on Sunday, July 13, in London following a prolonged illness. 

    He was laid to rest on Tuesday in his hometown of Daura, Katsina State, in accordance with Islamic rites.

    The special FEC session is part of a series of official activities to honour the legacy of the late statesman.

    Details shortly…

  • Presidency: Special FEC session in honour of Buhari postponed

    Presidency: Special FEC session in honour of Buhari postponed

    …new date to be announced by SGF

    …as Fed govt declares Tuesday public holiday for state funeral in Daura

    The special session of the Federal Executive Council (FEC) earlier scheduled for Tuesday (tomorrow) in honour of former President Muhammadu Buhari has been postponed, the Presidency has announced.

    A statement issued Monday by the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, confirmed that the session will no longer hold as initially planned due to the state funeral arrangements for the late Nigerian leader, which will take place in Daura, Katsina State, on the same day.

    In addition, the Federal Government has declared Tuesday, July 15, a public holiday to honour the memory of the late President Buhari, who died on Sunday in a London clinic after a prolonged illness.

    “The Office of the Secretary to the Government of the Federation will announce a new date after the funeral proceedings,” the statement read.

    READ ALSO: Buhari’s last public appearances

    President Bola Ahmed Tinubu had called for the special FEC session as a mark of national respect and in recognition of Buhari’s “invaluable contributions to our country.”

    According to the statement, the remains of the former President will arrive in Nigeria from London by noon on Tuesday, ahead of interment in his hometown of Daura in line with Islamic rites.

    President Tinubu had earlier declared a national mourning period of seven days, directing that all flags be flown at half-staff across the country.

    To further demonstrate the administration’s solidarity with the bereaved family, the President dispatched a high-powered delegation, led by Vice President Kashim Shettima and Chief of Staff Femi Gbajabiamila, to London.

    The team was tasked with condoling with the Buhari family and overseeing the repatriation of the former President’s remains.

  • FEC approves N1.2trn for roads, power, aviation projects

    FEC approves N1.2trn for roads, power, aviation projects

    The Federal Executive Council (FEC) on Monday approved a record N1.202 trillion for critical national infrastructure projects in the works, power, and aviation sectors. 

    This substantial package, announced after the Council’s meeting at the State House in Abuja, reflects President Bola Tinubu’s administration’s commitment to economic revitalization through targeted capital investment.

    Minister of Works, Dave Umahi, said the Council’s approval of N175.08 billion for Section II of the East-West Road, from Port Harcourt to Ahoada, represented one of six inherited road projects reviewed under the current administration.

    “This project was inherited. In 2009, it was awarded for N44.83bn but reviewed in 2014 for N93.41bn. Our administration reviewed it because of the floating of the naira and the petroleum subsidy removal in 2023”, Umahi stated. 

    He explained that the Council added N30bn to an earlier revision to bring the final figure to N175.08 billion.

    “We rescoped, repriced or split the projects into phases to match today’s fiscal climate,” he added.

    The East-West Road has long been considered a vital economic artery, especially for the oil-rich Niger Delta. 

    The reapproval of this section aims to improve mobility, logistics, and economic opportunity across several southern states.

    In the energy sector, Minister of Power Adebayo Adelabu revealed multiple approvals exceeding N40 billion. A major item was the approval to replace the preferred bidder for the 6-megawatt Ikere Gorge Hydro Power Plant concession in Iseyin, Oyo State.

    “If I may take you back, the council, at its meeting of Wednesday, 27th March 2019 actually approved the concession of five small and medium hydro power plants under public-private partnership. 

    “However, the preferred bidder for the Ikere Gorge hydro power plant, Misuse Power Control and Appliances Limited, failed to accept the offer within the stipulated time frame, and for five years running, nothing has happened”, Adelabu said.

    The government has now approved the reserved bidder, Quent Power Infrastructure Nigeria Limited, to take over the concession.

    “We have carried out due diligence on this company, and we have also discussed with their technical partner. We have realized that they have all it takes to ensure that this hydro power plant in the Iseyin part of Oyo State is revamped and even improved to 15 to 20 megawatts,” Adelabu said.

    Read Also: Tinubu, Keyamo have restored international confidence in Nigeria’s aviation sector — IAMS

    He added that the approval includes a one-time concessional fee of about N291.6 million and an annual concession fee of N66.3 million.

    “Apart from increasing revenue to the government, this will also improve power supply to the Oke-Ogun parts of Oyo State. We believe that the agriculture industry of that axis will also improve, as well as attracting more businesses into the area,” Adelabu noted.

    Another power-related approval covered the construction and installation of a 2×60 MVA, 132/33 kV substation in Ibadan, Oyo State. The contract was awarded to Enitem Global Limited in the sum of $18.3 million and N9.9 billion, inclusive of 7.5% VAT.

    A separate consultancy service contract for the substation was approved for Team Spirit Consult Limited at $1.4 million and N589 million, also including VAT. Both projects are to be completed within 24 months.

    “This will ensure that power supply is strengthened and we also secure the national grid for effective power wheeling and improved service delivery for strategic investments that will address the power supply challenges, support economic development, and improve the quality of life for the residents,” the minister explained.

    He stressed that the infrastructure will help stabilize supply to industrial areas and institutions, including Iwo Road, Manatan, and Iyana-Ofa, while supporting revitalization of the Ayede 330kV substation and the proposed Asejire 330kV substation under the Siemens-led Presidential Power Initiative.

    A third power sector approval concerned the procurement of three operational vehicles for the FGN Power Company, which manages the Siemens project. 

    While no cost was disclosed, Adelabu affirmed that this step would enhance project execution.

    Minister of Aviation and Aerospace Development, Festus Keyamo, said the Council approved three major memos totaling N987 billion to modernize Nigeria’s aviation infrastructure and safety systems.

    “First, Terminal B at the Nnamdi Azikiwe International Airport, Abuja, will be upgraded for N2,442,418,004,” he said.

    Second, the government will establish command and control centers at major airports at a cost of N2,924,907,002.69. Keyamo noted this will streamline emergency response, communications, and overall operational coordination.

    The third and most substantial aviation approval was for the procurement of critical navigation aids and spare parts, valued at $654.5 million plus N201 million. The equipment will be sourced from Indra of Norway.

    “These approvals aim to modernize facilities and ensure safety by having readily available spare parts. This is especially important in reducing flight delays and maintaining global safety compliance”, Keyamo explained. 

  • FEC approves Group Life Assurance for federal workers

    FEC approves Group Life Assurance for federal workers

    The Federal Executive Council (FEC) has approved several critical policy decisions aimed at strengthening the welfare of public servants, diversifying the economy, and addressing unemployment. 

    Chief among these was the renewal of the Group Life Assurance Scheme for federal government employees, a move described as a testament to the Tinubu administration’s commitment to public service welfare.

    Announcing the decision while briefing journalists at the State House, Abuja, after the FEC meeting presided over by President Bola Ahmed Tinubu, the Head of the Civil Service of the Federation, Mrs. Didi Walson-Jack, said the scheme, which covers the 2025/2026 policy year, is designed to provide financial succour to the families of deceased federal public servants, including top-ranking government officials.

    “The Federal Government has taken out a life policy on each public servant. In the unfortunate event of death, the next of kin will receive benefits to cushion the loss.

    “This underscores the importance that President Bola Ahmed Tinubu’s administration places on the welfare of federal workers,” Walson-Jack said.

    According to her, the coverage extends not only to civil servants but also includes the President, Vice President, Ministers, Permanent Secretaries and personnel in Treasury-funded ministries, departments, and agencies (MDAs). 

    The policy also applies to key paramilitary and uniformed agencies such as the Nigeria Immigration Service, Nigeria Security and Civil Defence Corps, Nigeria Correctional Service, the Federal Fire Service, the Federal Road Safety Corps, the National Drug Law Enforcement Agency (NDLEA), and the Office of the National Security Adviser.

    Walson-Jack also said 17 insurance underwriters have been appointed to manage the policy, which is renewable annually. 

    The policy, according to her, will become active upon the payment of premiums, in line with the federal government’s “no premium, no cover” directive.

    “This policy has been in existence for several years but many public servants remain unaware of its provisions,” Walson-Jack said, adding that her office is set to embark on a nationwide sensitisation campaign. 

    Also briefing journalists after the Council meeting, the Minister of Art, Culture, Tourism and Creative Economy, Hannatu Musawa, said Council had approved a bold new initiative to monetise Nigeria’s rich cultural and tourism assets. 

    According to Musawa, the plan, developed in partnership with the Ministry of Finance Incorporated (MOFI), aims to create a new revenue stream while promoting national heritage.

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    “For the first time in Nigeria’s history, a standalone ministry is tasked with unlocking the potential of the cultural, creative, and tourism sectors. We are looking to contribute $100 billion to Nigeria’s economy by 2030 by monetizing both tangible and intangible assets”, Musawa stated. 

    Tangible assets include national museum collections, historical monuments, landmark buildings, and federally owned artworks. 

    Intangible assets range from indigenous languages and oral traditions to cultural textiles like adire, culinary heritage such as Ijebu garri, and sacred landscapes and cultural festivals.

    Musawa emphasized that the strategy is focused on self-sustaining economic growth by leveraging existing resources without placing additional pressure on the national budget. 

    “This is about using what we already have to create wealth, identity, and pride. Our cultural capital is immense, and now we are putting in place the framework to monetize it responsibly,” she said.

    She said the initiative will unfold in four phases: assessment of available assets, valuation, strategy development for monetization, and implementation. 

    The asset verification process, she noted, has already been completed, paving the way for the next steps in collaboration with MOFI.