FEC Approves Consumer Credit Scheme, Social Security For Graduates; N1trn Phase 1 Coastal Road Construction From Lagos To Eight States

The Federal Executive Council (FEC) has approved the establishment of consumer credit scheme and the extension of payment of social security to NCE graduates upwards.

The decision was reached at the FEC meeting presided over by President Tinubu at the council chambers, state house, Abuja. The President Adviser on Information and Strategy, Bayo Onanuga disclosed this on his X handle this afternoon as part of decisions reached.

According to him, the President established a committee to be headed by the Chief of Staff, Rt. Hon Femi Gbajabiamila, with members as the Minister of Budget and Planning, Atiku Bagudu, Attorney-General of the Federation, Lateef Fagbemi SAN, and Mr. Wale Edun, the Minister of Finance.

He stated, “Here are some of the highlights of the far-reaching decisions taken today at the Federal Executive Council meeting, chaired by President Bola Ahmed Tinubu.

“Social security payments to be extended to graduates from NCE and upwards.

“Consumer Credit to be established very urgently. Chief of Staff to lead a committee that includes Budget Minister, Attorney-General, Coordinating Minister of the Economy and Finance, to make the scheme a reality.”

Also, (FEC) has approved a N1.06 trillion contract for the construction of the first phase of the coastal road from Lagos to eight other states.

Minister of Works, Dave Umahi, who disclosed this to newsmen yesterday after the council meeting presided over by President Bola Tinubu at the State House, Abuja, explained that the phase was part the 700 kilometer road spanning nine states and with two spurs leading to the northern states.

According to him, FEC approved funds for the first phase made of the 47.47 kilometers dual carriage way of five lanes on each side and a train track in the middle, adding that the project would be constructed with concrete.

His words: “Today, we had the the approval of FEC for the construction of 700 kilometer of coastal routes running from Lagos through the nine coastal routes or states up to Cross River, meaning that it goes to Lagos, the Lekki Deep Seaport, Ogun State, Ondo State, Delta, Bayelsa, Port Harcourt and Akwa Ibom.

“But we also have two spurs that leads to the north, from the ongoing Badagry-Sokoto route and the one that leads to the transSahara route that goes from Ogoja down to Cameroon.

“Now, it is a dual carriage way. And each carriage way has five lanes and a provision for a train infrastructure that will be at the middle.

“The October 30th, FEC had approved that this project be procured under EPC+ Engineering, Procurement, Construction and Financing. And so in favour of High Tech Construction African Limited, which means that they were supposed to search for the funding.

“They already have started searching for the funding, but hitches here are there. And so, the Ministry had to go back to Mr. President to ask for two things and that was on January 18. We asked can we fast track this?

“Since this project was going to be procured in two phases and multiple sections, can we get the federal government to fund the phase one, which is what is 47.47 kilometers running from Ahmadu Bello in Lagos down to Lekki Deep Seaport? Mr. President graciously approved.

“We also have the challenge of a lot of infrastructure on the road corridor. So, we requested Mr. President to approve that we realign the road, so that we move closer to the ocean shore, and then avoid those properties which could lead to litigation. Mr. President also approved.

“But then that led to a new challenge. And the challenge is the need to start the project as quickly as possible as to protect, the communities along the corridor.

“So today, we have procured the first section, which is 47.47 kilometers, under 10 lanes and FEC graciously approved the contract for N1.067 trillion with no objection.

“FEC also approved that the second section be procured, you know, to be funded by federal government, which is about 57 kilometers. And that runs from Lekki deep seaport to the boundary between Ogun and that section two of phase one.

“And then the third section is to start from the end of the road, which is Calabar. And so that’s about 50 kilometers, and is procured under section three of phase one, and is running from you know, Calabar and going towards Akwa Ibom and towards Port Harcourt.

“Then the other sections and other places, will still be under EPC+F in favor of High Tech Construction Africa Limited. The company is very well known in this kind of infrastructure development.

“An example is the Eko Atlantic Ocean such that would have swallowed the entire Victoria Island, and they’ve been able to conquer it under the same procurements.

“But let me also announce that the road is going to be constructed with concrete and they are masters in that and you can see example in Apapa-Oshodi expressway, which will usually have seven hours trucks to do that, but today is a tale of joy. They are also the same company that is constructing the deep seaport under the same concrete technology.

“Besides that, we also have good news about some of the projects that were awarded between 2006 and 2018. And of course, you know, the prices of construction materials, like in 2006 should be expecting asphalt to cost about N2000 per square metre, and today’s constant between N27,000 and N30,000 per square metre.

“The same thing goes with diesel, the same thing goes with cement. And so, some of these projects are stuck. And you know, one of such that was lifted today is the dualization of Kano-Maiduguri road, section four, Damaturu-Maiduguri, it was awarded in 2006. And it has stopped because the contracts can no longer carry it.

“But today it’s been argumented from N39billion. It has breath now and they can now go on. And then we have another project that is the maintainance of Pankshin-Gindiri Road in Pankshin in Plateau state. It was awarded in 2017 and that the project has stopped. But today it has gotten great momentum from 10 billion to N20 billion.

“And then we have the third route the same thing, the route that is going from Mayo-Belewa-Jega-Kanya-Tungur road in Adamawa state. It was awarded in 2018 and today it has been argumented from N21 billion to N43 billion in line with the realities of the construction market prices.

“And then the last one is a road that is going from Yakasai-Badume-Damagum-Makin Zali in Kano state. This was awarded in January 2021 and it’s been argumented from N12 billion to 17 billion.

“Let me end by saying that we’re going to be having a number of these roads tending to stop. But Mr. President graciously has directed that such projects should be reviewed in line with the realities of the present construction basic materials.

“So, we have over 1,000 roads that are going to undergo this kind of process to keep them alive and in line with the directive of Mr. President. Most of them are inherited projects from the past administrations.”