FEC Approves N19.4b For Construction Of 2 Bridges In Kano, Adamawa

The Federal Executive Council on Wednesday approved the construction of two bridges in Kano and Adamawa states at the cost of N19.4 billion.

N16.690 billion was approved for a single bridge in Kano while a bridge in Jimeta, Adamawa State has been allocated N2.958 billion.

This was revealed to State House correspondents by the Special Adviser to the President, Mr Femi Adesina, who made the briefing on behalf of the Minister of Works and Housing, Mr Babatunde Fashola.

He said it was emphasized that bridges across the country will be assessed and attended to.

Also briefing on the memos she presented before the council, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said she first sought approval for the engagement of Africa Finance Corporation (AFC) as transaction advisors with third party consultants for the implementation of the Presidential Power Initiative (phase one).

She explained: “So, the AFC, the transaction advisors, their fee is $800,000 US dollars and the transaction period is 18 months and this includes their reimbursable expenses.

“The second component is the engagement of third party consultants and this includes local as well as international legal advisory firms, environmental and social impact assessment consultants, security consultants, insurance advisors, as well as tax and model auditor.

“These parties are collectively engaged in the sum of $1,116,312.45 US dollars. The objective of the PPI project is to modernize and upgrade power transmission and distribution infrastructure in Nigeria.

“The second approval that we got from Council today is still relating to the PPI power project and the memo was seeking the approval of Council for the award of contracts for the procurement of mobile equipment for the transmission power component of the project. So, 10 mobile equipment and 10 transformers in favour of Siemens AG.

“The total cost of the procurement is in the sum of 62,949,447 euros with a delivery period of 12 to 18 months, dependent on how we’re able to push because this equipment will be manufactured specifically for us. The focus is to be able to very quickly enhance the power availability and capacity in the country.

“With this particular approval, we’ll be able to expand from the current capacity of 5000 megawatts to 7000 megawatts.”

Similarly, the Minister of Communication and Digital Economy, Isa Pantami, revealed that FEC approved the Nigeria Startup Bill to be sent to the National Assembly for legislation.

Pantami explained that the 11-chapter bill replaces the National Investment and Startup Policy.

According to him, “The Federal Executive Council presided by His Excellency President Mohammadu Buhari approved two memos from my ministry. The first one is on the Nigeria Startup bill, which is an exciting news to our innovators all over the country. Particularly those working within the tech industry.

“The Federal Executive Council has approved the Nigeria Startup Bill and has also directed my humble self, the Minister of Communications and Digital Economy and also the Attorney General of the Federation and Minister of Justice to ensure that we immediately liaise with and transmit them to the National Assembly to begin their legislative process of converting it into a law.”