The Nigerian Federal Executive Council (FEC) has approved several contracts worth N392.785 billion presented by various ministries, parastatals, and agencies. The approval was given during a meeting presided over by President Muhammadu Buhari at the Presidential Villa in Abuja, and the contracts cover a wide range of projects across the country.
The Minister of Works and Housing, Babatunde Fasola, announced that his ministry presented three memoranda, which were all approved. The first contract worth N916,813,356 is aimed at digitizing all records of the ministry, while the other two contracts focus on physical road works. These include the N36.459 billion Kaduna Eastern Bypass augmentation works to be executed on Sukuk Programme, and a N327.281 billion tax credit scheme granted BUA International Limited for the construction of some roads in Kwara State.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, revealed that the council approved three contracts for the Nigerian Customs Service (NCS), totaling N20,969,400,000. The contracts include the construction of residential accommodations and offices for the NCS at the Aviation Village in Abuja, as well as the procurement of 192 Toyota vehicles for operational and administrative use.
In addition, the Minister of Mines and Steel Development, Olamilekan Adegbite, announced that the council granted approval for a new bill to generate a replacement for Nigeria Mineral and Mining Law 2007, which he said is obsolete. The new bill is expected to update the laws in line with modern realities and facilitate economic growth in the mining sector.
The FEC meeting is held weekly and comprises the President, Vice President, and all ministers in the cabinet. It serves as a platform for ministers to present proposals and contracts for approval to move forward with their projects.
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