FEC Allocates N203.6 Billion for Key Infrastructure Projects in Abuja
The Federal Executive Council (FEC) has approved a groundbreaking N758 billion bond to address the outstanding pension liabilities of federal pensioners under the old Defined Benefit Scheme. This approval, made during the second day of the FEC meeting at the State House in Abuja, will enable the Debt Management Office (DMO) to raise the necessary funds to pay pension arrears, providing much-needed relief to retirees who have been owed for years.
Finance Minister Wale Edun explained that this move is critical to resolving the long-standing financial burden faced by retirees under the Defined Benefit Scheme, which was replaced by the current contributory pension system in 2004 and updated in 2014. This bond is expected to settle liabilities that have accumulated over time, ensuring pensioners receive their entitlements as due.
€30 Million Loan Approved for Student Accommodation Projects
In a bid to enhance the country’s educational infrastructure, FEC also approved a €30 million concessional loan from the French Development Agency (AFD) to support student accommodation projects across Nigeria. The loan, aimed at improving students’ living conditions, will be implemented in partnership with Family Homes Limited. This initiative will focus on providing sustainable, clean-energy housing for tertiary students, addressing the severe shortage of student accommodation nationwide.
N203.6 Billion Approved for Key Infrastructure Projects in Abuja
The FEC approved N203.6 billion for six major infrastructure projects in the Federal Capital Territory (FCT), aimed at enhancing road networks, water supply, and erosion control. Minister of State for the FCT, Dr. Mariya Bunkure, outlined the various projects, including the construction of access roads, the rehabilitation of major roads in the Maitama District, and the improvement of the Lower Usuma Dam Water Treatment Plant. These projects are expected to significantly improve the quality of life for Abuja residents and contribute to the city’s growth.
FEC Pushes Forward with 14 Major Road Contracts Worth N242 Billion
In line with the administration’s infrastructure renewal drive, FEC also approved 14 major road contracts valued at N242.148 billion. Minister of Works, Dave Umahi, revealed that these projects span across the country, including the rehabilitation of roads in Ogun, Cross River, Adamawa, and other states. Umahi emphasized that the Lagos-Ibadan Expressway would be closely monitored, with the government poised to take over unfinished sections of the project by April if contractors fail to meet deadlines.
The approval also included the construction of the Agaye-Kachia-Baro Road in Niger State, the Kaduna-Jos Road, and the Ikorodu-Shagamu Road in Lagos State. With a focus on enhancing connectivity and road safety, these projects are integral to the government’s commitment to improving the nation’s infrastructure.
Creative Leap Acceleration Programme (CLAP) Launched
In a move to support the creative economy, FEC approved the Creative Leap Acceleration Programme (CLAP), a digital platform designed to help Nigerian creators access training, funding, and networking opportunities. Minister of Art, Culture, Tourism, and Creative Economy, Hannatu Musawa, highlighted that CLAP aims to support all 49 creative sub-sectors and help Nigerian talent gain global recognition. Additionally, the government is promoting its new brand, “Destination 2030 Nigeria Everywhere,” to bolster Nigeria’s cultural image internationally.
Finalizing the Lagos-Ibadan Expressway and Other Infrastructure Priorities
As part of the administration’s push to fast-track infrastructure projects, Minister Umahi warned that the federal government would take over incomplete sections of the Lagos-Ibadan Expressway if contractors fail to meet the April deadline. He revealed that the remaining sections, valued at N30 billion, will be completed by RCC and Arab Contractors.
Umahi further disclosed the approval of additional road contracts, with the government investing N242.148 billion in road construction projects across various states. These projects are part of the administration’s broader strategy to ensure timely completion and improve road infrastructure nationwide.
