The Federal Executive Council (FEC) has approved a facility of $1.25 billion for investment, job acceleration and development policy financing in the country.
This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, while briefing newsmen after the Council meeting chaired by President Bola Tinubu on Wednesday.
Oyedele also disclosed that the President has ordered a forensic investigation into the issue of fake government agency following the report submitted to him by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) recently.
The Minister of State for Works, Rt. Hon.Bello Muhammad Goronyo, who also briefed, said the Council approved a total sum of N610 billion for road construction in the country.
The Finance minister said: “council approved the 1.25 US billion dollars financing facility from the International Development Association and the International Bank for Reconstruction and Development in support of Nigeria’s actions for investment and job acceleration development policy financing. So this is a concessional facility with repayments of like 30 years, which we are going to dedicate to helping to accelerate job creation, and you would agree that if we have any priority as a country, this clearly has to be one of it.”
“The final one is an issue where all of us have been following with keen interest, and that has to do with the fake agency that is called the Presidential Foreign Intervention Promotion Council. Mr. President gave us the updates about the work the ICPC has done, and as a result of that, council has directed that we commission a forensic investigation that will look into our processes, that will look into our procedures, internal control weaknesses that allow some of these things to happen because the finding discovered that we indeed have additional fake agencies. So what is important is to establish what went wrong, how it can be prevented, and going forward how we can make our systems stronger. I think this is good because systems are built. When you find problems, you deal with them decisively, and that’s exactly what Mr. President and Council has directed today.”
Minister of State for Works in his comments broke the road.contracts awarded by the council to include the reconstruction of the Ado Ekiti-lyin-Aramoko-Itawure-Osun State border road, in favour of Messrs CBC Global Civil & Building Construction Nigeria Limited, in the sum of #159,826,009,999.43 (One Hundred and Fifty-nine Billion, Eight Hundred and Twenty-six Million, Nine Thousand, Nine Hundred and Ninety-nine Naira, Forty-three Kobo), only inclusive of 7.5% VAT, with a completion period of 24 months.
It also ratified the award of contract for the Variation/Change Orders in respect of the rehabilitation of Abeokuta-lboro- Ilaro Road in Ogun state, contract No. 8645 at the sum of N54,118,329,686.27 (Fifty-Four Billion, One Hundred and Eighteen Million, Three Hundred and Twenty-nine Thousand, Six Hundred and Eighty-six Naira, Twenty-seven Kobo), inclusive of 7.5% VAT; award of contract for Phase Il upgrade of 15km of East-West Road, Section III: ChO+ 000 – Ch15 + 000: Port Harcourt (Eleme Junction) – Onne Port Junction Road in Rivers state, in favour of Messrs RCC Nigeria Limited, in the sum of N74,514,877,096.33 and contract for Phase Il of the Renauom Ado-Ekiti-Afe Babalola University Road along Ado-ljan/lluomobi-mesi Ondo State Border Road in Ekiti State (Section II, reviewed in favour of Messrs S & M Nigeria Limited, in the sum of A54,518,900,962.31.
Other contracts awarded were contract for Phase Il of the Rehabilitation of Ado-Ekiti-Afe Babalola University Road along Ado-ljan/Iluomobi-Imesi Ondo State Border Road in Ekiti State (Section II), reviewed in favour of Messrs 5 & M Nigeria Limited, in the sum of N54,518,900,962.31.
