As the administration of President Bola Ahmed Tinubu heads into its first year in office, there has been a flurry of policy and project approvals. Rising from its Federal Executive Council (FEC) meeting this week, the Tinubu government appears bent on pushing through series of initiatives, which the government’s image makers have advertised as decisive steps aimed at transforming the nation’s infrastructure and housing mortgage sector. Tinubu’s armour bearers have insisted the efforts will promote job creation and inclusive growth.
The administration’s information management machine has also been canvassing the position that the approval of the initiatives was to meet the urgent demand for critical infrastructure and affordable homeownership for long-term productivity enhancement. The initiatives, according to the Federal Government can unlock about N2 trillion and revolutionize Nigeria’s Infrastructure and Housing sector through Public-Private Partnerships.
In a statement released by the Special Adviser to the President on Information & Strategy, Bayo Onanuga on Tuesday the Presidency stated that inspired by the 1970s era, the government envisions a future where ordinary Nigerians can access 25-year mortgages at low-interest rates to realise their dream of owning a home.
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The Explainer recalls that at the Council’s meeting on Monday, the government announced the approval of Special Purpose Vehicle to be created on a Public Private Partnership (PPP) basis. The essence of the SPV is to develop 90,000 kilometres of fibre optic cable to increase Nigeria’s internet connectivity by 60-70 percent was also granted. The government has also stressed the point that the Special Purpose Vehicle intends to copy the NLNG model.
The Explainer also understands that the Council approved the request of the Ministry of Communications to convert the property at 324 Jackson Street, San Francisco, USA into a Nigerian Digital Technology Exchange Programme Hub. The property owned by the Nigerian government is said to valued at close to $7million.
Part of the other approvals granted by the FEC include the award of contract for the building of bus terminals and other transport facilities in the Federal Capital, Abuja. The Explainer learnt that the terminals will be built within 15 months at Kugbo, Abuja Central Business District and Mabushi. The whole project is estimated to cost N51 billion and will be executed by Planet Projects Nigeria Limited, which did similar contracts in Lagos and Oyo states.
“Council approved contract for the building of the Court of Appeal Abuja Division at a cost of N37.2 billion. Project will be executed by Messrs Visible Construction Limited.
“The Council awarded contract at a cost of N412million for street lights on Bill Clinton Drive, Airport Expressway. The job includes the procurement of 8 back-up generators, which will be powered by Compressed Natural Gas( CNG) or Solar, in line with government’s decision about migrating from fossil fuel to renewable energy. The council discussed extensively the need for this energy transition, as it is climate friendly, because of low emissions and also because it will reduce cost of transportation and inflation.
“Council approved the request by Nigeria Customs Service to buy 200 Toyota Land Cruiser Buffalo V6 at a cost of N12.5 billion. All the vehicles will be CNG powered. Government also approved insurance cover for the vehicles at a cost of N522 million. The cover will be provided by NEM.
“Messrs Yuan Resources Limited was awarded the concession to deploy a revenue assurance platform under PPP arrangement in the lottery and gaming sector. The concession which will be for 15 years, will be done via DFBOT option, which means Design, Finance, Build, Operate and Transfer.
“Before the Monday meeting was adjourned till Tuesday, council approved several road projects. Among them was the reconstruction of Iseyin-Okeho-Iganna Road in Oyo State.
“Council approved Section 2 of the Lagos-Calabar Coastal Superhighway for construction, at a cost of N1.6 trillion.
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“Approval was granted for the award of contract for reconstruction of Koton-Karfe -Abaji Road (Abuja bound), along Abuja-Lokoja Route in Kogi state at a cost of N89 billion.
“On Day 2 of the FEC meeting, approval was given for the award of contract for the equalisation of Lokoja-Benin Road, Okpela Section, Lokoja-Benin, Dualised Auchi Section -Uromi Link Road and Lokoja-Benin Road, Ekpoma Section. It was on this road that a fuel tanker fell into high water recently, with villagers having to swim to rescue the occupants of the tanker. The reconstruction will be financed by BUA Cement at a cost of N120 Billion under the tax credit scheme.
“Council approved contracts to various contractors to build roads and bridges in Kaima-Tesse, Kwara State, Benin-Agbor, BeninByepass and Ngaski-Wara in Kebbi State. All the four contracts will cost N546 billion. Messrs CCECC was awarded contract at N230 billion to build Kano Bypass. The road which is 37kms long will include bridges and several flyovers. The company has 36 months to complete the work.
“The Council approved for procurement the Sokoto-Illela-Badagry superhighway, which is meant to join the Lagos-Calabar Coastal superhighway. The road was first awarded in 1976 and then abandoned.” The FEC also approved that all users of Federal airports all over the country must now pay tolls at the gates. No one is excluded. The President and Vice President of Nigeria will also pay the toll.
