The Nation Newspaper

Tag: Federal Executive Council (FEC)

  • FG launches 2019 Armed Forces emblem fund with N10m

    President Muhammadu Buhari on Wednesday launched the 2019 Armed Forces Remembrance Emblem and Appeal Fund with N10 million.

    The event took place at the Council Chamber of the State House, Abuja before the commencement of the weekly Federal Executive Council (FEC) meeting.

    Read Also:Armed Forces winning war against terrorism – DHQ

    The event was an annual tradition towards acknowledging and appreciating the gallantry and sacrifices of veterans in the first and second world wars, peace keeping operations around the world and internal security operations, including the ongoing campaign against terrorism in Nigeria.

    January 15th of every year is celebrated as the Armed Forces Remembrance Day.

    From Wednesday 31st of October 2018 to 15th January 2019, top government officials and other Nigerians are expected to hang the emblem on their clothes as a mark of appreciating the efforts of the soldiers.

    Buhari, during the launching, urged corporate organisations particularly service providers and other business concerns to support the veterans’ cause through voluntary donations, employment opportunities and welfare support.

    He appealed to political actors to be decorous in their conduct and utterances in order not to fan the embers of disunity.

    He said ‘we would have no country to lead if our acts of deliberate incitement lead to the disintegration of our dear nation,’’ the President said in his address at the Council Chambers.

    ‘‘Let us put Nigeria first and realise that in every contest there must be one winner,’’ he added.

    President Buhari reminded the nation that the celebration was a painful reminder of the perils of war and the need for the nation to avoid a recurrence.

    “The celebration forcefully reminds us of the resolve of our citizens to remain in one united country, Nigeria.

    “It also points out the fact that we had been through a bitter and unfortunate war that led to the loss of millions of our compatriots and the need to do all within our powers to avoid a reoccurrence of war,’’ he said.

    President Buhari also used the occasion to appreciate the gallantry and sacrifices of the Nigerian Armed Forces in the campaign against insurgency and other internal security operations.

    Noting that the efforts of the armed forces have led to the return of normalcy in affected parts of the nation, the President regretted the recent murder of two young and promising aid workers; Saifura Khorsa and Hauwa Liman by Boko Haram terrorists.

    ‘‘It is painful that this happened despite all the efforts of government to effect release of the two victims.

    ‘‘We condemn the callous and cowardly act in its entirety and call on all citizens and friends to forge a united front against this common enemy of our destiny.

    ‘‘Once more, I extend the heartfelt condolences of the Government and people of Nigeria to the families and friends of these martyrs,’’ the President said.

    The Nigerian leader pledged that the resettlement and rehabilitation of citizens affected by the war on terror will continue, commending Dangote Foundation for its partnership with Government in the rebuilding process in Borno State.

    The President, therefore, called on other corporate organisations to borrow a leaf from this noble initiative as Government alone cannot satisfy all the needs, given her limited resources.

    He also expressed delight that businesses operating in Nigeria are beginning to give special consideration to members of the Armed Forces and veterans.

    ‘‘Specifically, some airlines operating in Nigeria offer discounts to members of the Armed Forces.  This gesture is commendable and in line with my call for recognition, consideration and appreciation of our Armed Forces.

    ‘‘I urge more business ventures to chip in by assisting the Security Forces in whatever way they can,’’ he said.

    The President thanked charity organisations for taking up the task of catering for the welfare of veterans and members of the armed forces, adding that the nation owe a debt of gratitude to men and women of the armed forces who have the responsibility of securing the Nation, and ensuring a conducive environment for businesses to thrive.

    On the Bill to amend the Nigerian Legion Act to a proposed “Veterans Federation of Nigeria” Act, the President urged the 8th National Assembly to give the proposed legislation, which seeks to ensure proper welfare and health condition of military veterans, quick attention.

    ‘‘As Grand Patron of the Nigerian Legion (Veterans), I wish to pledge my continued support and that of the Federal Government to the organisation.

    ‘‘My appreciation goes to State Governors who are patrons in their respective states for the support they are giving to the Legion.  I enjoin them not to relent but improve on this,’’ he said.

    President Buhari called on all Nigerians and others resident in Nigeria to procure and wear the emblems with pride to identify with those who laid down their lives for peace and security of our fatherland.

    At the brief ceremony were the Vice President Yemi Osinbajo, Speaker of the House of Representatives, Yakubu Dogara, members of the Federal Executive Council, Chief of Defence Staff, General Abayomi Olonisakin, service chiefs and the Inspector General of Police, Ibrahim Idris, senior officers and veterans.

  • FEC approves 2019/2021 MTEF

    Projects N8.73 trillion for 2019 Budget 

    Pegs oil price at $60 per barrel 

    The Federal Executive Council (FEC) on Wednesday approved the 2019/2021 Medium Term Expenditure Framework (MTEF) Fiscal Strategy Paper (FSP) .

    The Minister of Budget and National Planning, Udoma Udo Udoma, disclosed this to State House correspondents at the end of FEC meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.

    He said that the MTEF/FSP is designed to translate the strategic development objectives of the Economic Recovery and Growth Plan (ERGP) to realistic and implementable budget framework for the medium term.

    Inputs from stakeholders, he said, are part of the final document.

    The key assumptions highlights being proposed for 2019 budget, he said, included oil price benchmark of $60 per barrel, oil production of 2.3 million barrels per day, exchange rate of N305/$1, and GDP growth rate of 3.01%.

    He said that the MTEF projects budget for 2019 of N8.73 trillion, which is about N400 billion less than N9.12 trillion for 2018.

    According to him, the document will be transmitted to the National Assembly for consideration.

    The Minister of Finance, Zainab Ahmed, also disclosed that FEC approved Nigeria to receive $1.5 million loan from Africa Development Bank for Lagos-Abidjan expressway.

  • FEC approves disbursement of processing machines to farmers

    To boost agricultural production in the country, the Federal Executive Council (FEC) has approved the disbursement of produce processing machines to farmers in the rural areas .

    This was disclosed by the Minister of Agriculture, Audu Ogbeh, while briefing State House correspondents at the end of FEC  meeting.

    He explained that the project is another indirect measure meant to discourage rural-urban migration.

    According to him, the processing machines would boost the cultivation of crops like rice, cassava, millet, maize and other local produce.

    The production, he said depends on what each community has the capacity to produce.’

    He said the project was being executed in partnership with the Ministry of Finance.

    He said “We will identify commodities in various locations, identifying what is suitable in each area, according to their ecological situation, organize the people into cooperatives and allocate the machines to them as loans.’’

    Read Also: Shittu attends FEC meeting

    Each beneficiary, he said, must be registered with the village chiefs, security agencies and the Divisional Police Officers (DPO) for easy identification and prompt repayment of the loan.

    He however lamented that the country was fast losing its productive young people to political thuggery, migration to Europe, Motorcycle operators, while abandoning agriculture.

    He said: “Government will be irresponsible if we don’t do anything.

    “These people can hardly pay interest rates of between 18 to 25 per cent.

    “This is a way to assist them make meaningful earnings through agricultural revolution’’ he stated

     

  • FEC okays issuance of $2.9 billion Eurobond

    …Approves six transaction parties

     

    The Federal Executive Council (FEC) meeting on Wednesday approved the issuance of $2.9 billion Eurobond towards implementing 2018 budget.

    This was disclosed by the Minister of Finance, Zainab Ahmed at the end of the FEC meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.

    She was with the Senior Special Assistant on Media and publicity, Garba Shehu, Minister of Agriculture, Audu Ogbeh and the Minister of Labour, Chris Ngige.

    Read Also:$2.5b Eurobond: Nigeria faces higher debt service cost – Fitch

    She said “We got approval for the issuance of $2.9 billion in Eurobonds and other securities from the international capital markets.

    “They are to enable us implement the external borrowing plan of 849.6 billion equivalent to $2.786 billion, which is provided for in the 2018 Appropriation Act.  And this is to fund capital projects in the 2018 budget.

    “We also got approval to raise $82.5million to bridge the shortfall of 500 million Eurobond that matured on the 12th of July 2018,” she said.

    According to her, FEC also approved six transaction parties including Citigroup Global Market Limited, Standard Chartered Bank as joint manager; FSDH Merchant Bank Limited as financial adviser; White and Case LLP, Banwo and Ighodalo as legal adviser and Africa Practice Limited as technical adviser on communication.

    She said that they are expected to adviser the Nigerian Government on the structure and timing and documentation for the issuance of the Eurobonds and other securities.

    The Minister also disclosed that the total cost of the six advisory groups is N374 million

    She went on “We also got approval for $60 million loan for livelihood improvement family enterprise project in the Niger Delta for six states, while three other states will join them in the phase two.

    “N187 million 600 bullet proof vest and helmets for Nigeria Customs Service in the fight against rice smuggling into the country,” she added.

     

  • FEC okays 20 silos concession

    …FG to get N6 billion income in 10 years

     

    The Federal Executive Council (FEC) on Wednesday approved concessioning of twenty silos in the country.

    The Minister of Agriculture, Audu Ogbeh briefed State House correspondents at the end of FEC meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.

    Read Also:2019: APC chieftain, Dahiru defects to Sokoto PDP

    According to him, the government stands to get revenue of N6 billion in the first 10 years of the concessioning.

    Each of the twenty silos, he said, has 100,000 tonnes capacity.

    While stating that concessioning the silos will not affect food security in Nigeria negatively, he said that it would boost storage and export of agricultural produce.

    He said that the government however remains the owner of the silos.

    According to him, the concession agreement would be revoked if not properly managed.

    Details later…

     

  • FEC approves N348.59 billion for Akwanga-Gombe road 

    The Federal Executive Council (FEC) has approved N348.59 billion for the road linking Akwanga though Jos to Gombe.

    This was disclosed by the Minister of Power, Works and Housing, Babatunde Fashola.

    He was with the Special Adviser on Media and publicity, Femi Adesina, Minister of Finance, Kemi Adeosun and the Minister of State for Petroleum, Ibe Kachikwu.

    Read Also:Enugu spends N40bn on road construction in two years

    According to Fashola, the project which will be completed in 48 months, covers 420.6 kilometers.

    He said “FEC approved N348.594 billion contract for the construction of 420.6 kilometers Akwanga-Jos-Bauchi-Gombe road. The project scope is the expansion of the current two-lane highway into a dual carriage way.

    “What is significant about it is that it completes the integration of the north central with the south east and the north east.

    “Council had previously approved the Abuja-Keffi Road and the Akwanga-Lafia-Makurdi Road all in the north central. In May this year, Council had also approved Nineth Mile Enugu to Makurdi road that connects the south east to the north central.

    “That completes the spine of the major movement of agro produce and other related produce. The construction period is 48 months.” he said

    The Council (FEC) also approved N12.104 billion for ecological projects across the country.

    Femi Adesina said that the approval covers twelve projects in the country.

    He listed the states for the projects to include Anambra, Lagos, Oyo, Akwa Ibom, Adamawa, Bauchi, Borno, Jigawa, Kaduna, Plateau and the Federal Capital Territory (FCT).

    Kachikwu said that the Council approved the installation of technology monitoring schemes and structures under Petroleum Equalisation Fund (PEF) at a total sum of N17 billion.

    According to him, it is for automated fuel system management and censor network.

    He said “The narrative is that we have all struggled with  this whole subsidy payment and how much is consumed in Nigeria, volumes of products moved out illegally and the whole impact on FAAC accounts.

    “The President has given a very serious mandate that we ought to rein in on this process. The essence of what PEF is doing is that this will enable us track refined petroleum product movement from the point of LC (letter of credit) opening from the vessels that come into Nigeria, up until the point where they are discharged into tanks in Nigeria, and from the tanks into trucks in Nigeria, monitor the trucks till they deliver the products into the storage tanks for the filling stations and they are discharged and sold.

    “So, that will produce a 100 percent wholistic monitoring of this production. For the first time we will be able to tell how much petroleum products we consume in this country. Because, there has been so much going on in terms of the movement of consumption numbers from thirty something million liters a day to 70 million liters to 18 million liters a day during the difficult times.

    “And the challenge the president has given me is to rein that in, let’s know what we consume in reality, let’s know where these products are going and this process will be able to track every truck.

    “So, a typical truck will be licensed with a driver, with a transport company, so if a truck misses, you can find the transporter and the company that takes responsibility.

    “So we expect this to be over a period of three years but we promise that within one year, the real effects of this will begin to show. Obviously you need time to train and to continue to improve the system. We hope that by the time we start doing the 2020 budget in 2019, we would have gotten to a point where a lot of the losses that you are seeing are being tracked and substantially impact will be made in monies that come into the federation accounts.

    “It will help us keep proper data repository of consumption in this country, destruction, data on all trucks that operate, total number of products received, what is sold out of filling stations and it is going to be a collaborative system that involves NNPC, DPR and PPPRA but situate quite frankly in PEF.” he said

    According to him, FEC also approved the revision of contract for the construction of NCMB’s headquarters in Yenagoa, Bayelsa State.

    He said that the project, which was awarded in 2015 at the sum of about N27 billion was on Wednesday revised to N42 billion.

    He said “It is one of the dramatic skyline in Yenagoa and has gone quite substantially far. This reasons for this increase was largely due to foreign exchange variables determinant which was initially about N157 to a dollar but today it is N305 to a dollar and still counting.

    “The whole idea is for contract to be completed. It is a 24 month contract and fairly far gone. We hope that once that is done, NCMB will stop paying rent in the series of buildings that it rented in Yenagoa.

    “But most important, the whole glamour of the south south states during the Vice President visit to the Niger Delta with me and the minister of Niger Delta was largely to see oil companies during foot hold in some of these south south states. The building is larger than what the NCMB needs and already talks are on with AGIP and a few of them who want to position their presence very effectively in some of these areas.

    “If we continue at this pace of construction, Mr. President should be able to commission that building between the end of this year and early next year,” he said.

     

  • FG to take delivery of N10.7bn rice mill Dec 2019

    The Federal Government has said the N10.7 billion integrated rice milling machines procured by the Federal Government will be delivered in December, 2019.

    Minister of Agriculture and Rural Development, Chief Audu Ogbeh, disclosed this Monday at the pact signing with MV Agro Engineers, suppliers of the farm equipment, in Abuja.

    Ogbeh explained that the benefiting states would indicate interest as off-takers, make 10 percent down payment and express technical capacity to own and operate a mill.

    The Federal Executive Council (FEC) in April approved N10.7bn for the establishment of 10 new rice mills in the six geopolitical zones.

    The 10 participating states include Kaduna, Anambra, Kogi, Benue, Bayelsa, Niger, and Bauchi. Others are Kebbi, Ogun, Zamfara while the mills are expected to produce 100 tons of rice per day.

    Read Also:Fed Govt to rice millers: we’ll reduce interest rates

    The Bank of Agriculture (BoA) is expected to take over the loan repayment in the next 10 years.

    “As these people arrive, they will install these mills and the BoA will take over the loans repayment over a period of 10 years,” Ogbeh said.

    Asked if the 18 months deadline could be reviewed upward, the minister noted that, “building machines is not cheap. It’s a scientific thing. These people say they may do it faster but we give them 18 months, so there won’t be issues for delays.”

    According to him, there are about 16 existing large rice mills from the already procured 100 mills.

    The minister added that 16 large machines would mill 100 tons of rice paddy daily while others could mill about 300 tons daily.

    “Dangote just brought in 10 milling machines which will produce 1 million tons of rice per annum but there are smaller ones we gave out, about 200 mills of 10 tons and 20 tons per annum operating in villages and small corners equipped with the stoners.

    “We are buying smaller mills and giving them out because the smaller mills produce more rice than the big mills added up but they are scattered all over the country. Virtually every state has small rice mills somewhere, Niger, Bayelsa, Benue, Taraba, Adamawa, Ebonyi, Katsina and Jigawa,” he stated.

    He commended the contractors advising them to supply adequate quality spare parts.

    In his remarks, the Managing Director, Bank of Agriculture, Kabir Mohammed restated commitment to ensure the project is successful while meeting the delivery targets.

    He said the project financing would not be a challenge.

    The Managing Director, Jamu Babba Dan’agundi, leader of the delegation commended the federal government for the gesture.

    He promised to deliver the machines as scheduled.

  • Tax defaulters must pay arrears with interests, penalties – FIRS boss

    …Says no case of multiple taxation in Nigeria

     

    The Chairman of the Federal Inland Revenue Services (FIRS), Babatunde Fowler, on Wednesday said that Nigerians who defaulted in paying their taxes on the expiration of the grace given by the Voluntary Assets Income Declaration Scheme (VAIDS), would be made to pay the outstanding taxes with interests and penalties.

    The grace given by VAIDS expired on the 30th of June, 2018.

    Speaking with State House correspondents after a session with the Federal Executive Council (FEC), Fowler also said that there was no case of multiple taxation in the country.

    Read Also:Adeosun, Fowler for Kaduna tax amnesty symposium

    On update on VAIDS, he said “The update is that it expired June 30th. And anyone who has not come forth by now we shall use all the legal means to make sure that we bring them to book and make sure that they pay the appropriate tax with interests and penalties.”

    On how the people responded to the VAIDS policy, Fowler said “Well the response has been very good. We are collating all the figures both at the federal levels and the states levels and I believe that by the middle of July, we should be able to tell the nation the exact progress in terms of the numbers that have declared, amount that have been paid and amount that is going to be paid instalmentally.”

    He disclosed that the Council had ratified the automatic exchange of information with other countries.

    On the complaints on multiple taxation, Fowler said “Let me say once again that we do not really have a situation of multiple taxation. You only have multiple taxation when you pay the same tax to different tiers of government.

    “What we have found out is that a lot of people categorize any payment to government as a tax. For example if you receive fine, a penalty they call it a tax. If you pay for the parking space, they call it a tax. Those are the things you refer to as user charges and not taxes.” he said

    On what the government was doing to encourage the people to pay their taxes voluntarily, he said “The federal government has through the ministry of information and also through the office of the Vice President have been talking about the different projects that have been financed with tax revenues and I think as Nigerians begin to see those dividends of democracy, very good spending, people will be more encouraged to pay more taxes.”

    Speaking on why he appeared before FEC, he said “I was here today to attend the meeting with the minister of finance to ratify the automatic exchange of information. Basically what this means is that Nigeria as a country exchange financial information with other member countries which hopefully should improve our revenues and also ensure that all Nigerians that do have investments or businesses or incomes abroad will pay their taxes as and when due.”

     

  • FEC okays N192.9 billion for roads, bridges 

    The Federal Executive Council (FEC) meeting on Wednesday approved N192.9 billion for roads and bridges in the country.

    This was disclosed by the Minister of State for Power, Works and Housing, Mustapha Shehuri, at the end of FEC meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.

    Shehuri was with the Minister of State for Aviation, Hadi Sirika, Minister of Industry, Trade and Investment, Okechukwu Enelamah and the Senior Special Assistant on Media and publicity, Garba Shehu.

    He said that FEC approved N5.9 billion for the construction of 16.7 kilometers Suleja-Chaaza-Banguru road and spur to Rafinsayin in Niger State.

    “It also provided for 15 meters of bridge construction,” he added.

    He went on “Another memo approved is the dualization of Ilorin-Jebba-Mokwa-Bokani road in Kwara and Niger states to CGC at the cost of N130 billion. The contract’s life span is 36 months.

    “The Council also approved construction of Ibi Bridge across River Benue connecting Taraba and Plateau states at the cost of N57 billion.” he stated

    Enelamah said that FEC also approved memo for effective implementation of project ‘Made in Nigeria’ for export.

    He said that it was aimed at developing world class export oriented special economic zones in the six geopolitical zones of Nigeria.

    “The plan is to begin the development of those economic zones across the six geopolitical zones as follows: Lagos, Katsina, Abia, Calabar, Kano.

    “In addition, the Council also approved pre-development work in develop of Green Field Special Economic Zone in Akwa  Ibom, Benue, Ebonyi, Edo, Gombe, Kwara, and Sokoto states with further roll out to other states in phase two.” he said

    He said that FEC approved payments to consultations totalling N2.655 billion for various projects that will be undertaken by different consultations that will lead to implementation of these zones.

    He added “This is for one set of consultants. The aggregate amount which includes another set is N3.172 billion for all the special economic zones

    “The total budget for developing these zones will be in excess N250 billion and it will include partners.This is going to be done through something called The Nigerian Special Economic Zones Company Limited, which is a public private partnership.

    “The Federal Government is going to own 20 percent of that company and AFRIEXIM bank is going to be a shareholder and other investors like the Nigerian Sovereign Investment Authority and other international investors. It is going to be developed in such a way that it will be world class. We are going to see rapid implementation now that council approval has been obtained,” he said.

    He said that his Ministry also got approvals for two specific things including strict compliance with the provisions of Executive Order 001 and that all Ministries Departments and Agencies (MDAs) to respond to complains within 72 hours timeline on government portal.

    On the Brookings report that Nigeria has already overtaken India as the country with the largest number of extreme poor in early 2018, Enelamah said “I think first, we need to understand when we get these reports that there are reports that are lagging in indicators which means, people are reporting on history. There are reports that are leading indicators which means that they are forward looking and of course, there reports that capture generally what you do which is current. They are actually dealing with what is current. So, when you get reports from Brooking institutes or all sorts of people, you need to look at the context.

    “Somebody may have written a report when we were in recession. Remember that if you are in a recession, what it means is that even though, your population is growing, people don’t stop procreating, your growth fact, which means that in theory depending on how they run those numbers, you will be going the other way.

    “There is absolutely no question that there an urgency to create employment in Nigeria. And it has to be a collective responsibility. What I can tell you, with certainty based on ones background in business and economics, is that if we complete the things on infrastructure and you implement these reports we are doing, that is what I mean by a leading indicator, poverty will go down.

    “There is no magic to it. But you have to do it first, you have put in the infrastructure, you have to implement the economic programme which is what will create the opportunities, they don’t drop from the sky. So, I think we should roll up our sleeves as a people and do the work because, if we don’t do it, our people continue to bear children obviously, they would get poorer.

    “So, I don’t think we should kill ourselves that poverty is something just happen. I think comes out of the urgent need we have as a country which is why we are focusing as a government to make sure that we create the enabling environment, the infrastructure that and the things that are required to create opportunities for our people and I believe that will happen in the process of time,” he said.

    Sirika said that Council approved N993 million to build simulator house for the point 373 simulator already procured in Zaria.

    According to him, the Council also noted the seasonal rain prediction report by NIMET towards giving accurate rainfall across the country.

    Garba Shehu disclosed that the Minister of Education got one approval for JAMB.

    He said “JAMB had run computer-based tests for people who seek admissions into universities in order to stop leakages and all that. They have started to set up their infrastructures for conducting those examinations.

    “Today, they requested for government to buy one of the Computer Based Test (CBT) organizations at N133 million including infrastructure and equipment.

    “The effort is that JAMB wants to take total control of all these examinations in order to avoid leakages,” he stated.

    He also disclosed that the Council approved N353 million for the procurement of 32 meter turntable ladder to fight fire up-to 12 floors in the FCT

     

  • FEC okays N185 billion for 14 roads 

    …2018 Budget to be signed next week

     

     

    The Federal Executive Council (FEC) on Wednesday approved N185 billion for the rehabilitation, construction and repairs of 14 roads across the country.

    The Special Adviser on Media and publicity, Femi Adesina, disclosed this to State House correspondents at the end of FEC meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.

    He also said that arrangement has been finalized to sign the 2018 Appropriation Bill into law by President Buhari next week.

    Read Also:FEC okays N1.6b for 68 anti-smuggling vehicles

    According to the Attorney General of the Federation, Malami Abubakar, Nigeria will soon get another repatriation of $500 million.

    He said that FEC also approved N500 million for lawyers who represented the Federal Government and succeeded in recovering N330 billion from MTN.

    The Minister of Trade and Investment, Okechukwu Enelamah, said that FEC approved construction of phase 2 of the industrial training fund centre in Abuja at a cost N6.5 billion.

    Details Later…