The Federal Executive Council, FEC, has approved the implementation of a consumer credit program and the expansion of social security payment coverage to NCE graduates and beyond.
This resolution was made during the FEC session chaired by President Tinubu at the council chambers in the State House, Abuja. Bayo Onanuga, the Presidential Adviser on Information and Strategy, announced this development via his official channel earlier today, detailing the decisions made.
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 are to be extended to graduates from NCE and upwards.
“Consumer credit needs to be established very urgently. Chief of Staff to lead a committee that includes the Budget Minister, Attorney-General, and Coordinating Minister of the Economy and Finance, to make the scheme a reality.”
Also, the 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 phrase was part of the 700-kilometer road spanning nine states and with two spurs leading to the northern states.
FEC approved funds for the first phase made of the 47.47-kilometer dual carriageway 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 approval of FEC for the construction of 700 kilometers 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 lead to the north, from the ongoing Badagry-Sokoto route and the one that leads to the trans-Sahara route that goes from Ogoja down to Cameroon.
“Now, it is a dual carriageway. Each carriageway 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 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 phase one, which is the 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 that Mr. President 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.
