The Federal Executive Council (FEC) has granted its consent for the disbursement of N60 billion from the Central Bank of Nigeria (CBN) through its Agric Small and Medium Enterprises Investment Scheme to support small businesses, particularly among young entrepreneurs nationwide. A statement issued by the Minister of Youth, Jamila Ibrahim, after the conclusion of the […]
The Federal Executive Council (FEC) on Monday approved the submission of a supplementary budget of over N2.1 trillion to the National Assembly for the fiscal year 2023 amid rising public governance expenditure obligations. The FEC approved the N2.176 trillion for presentation to the Legislature during its weekly meeting presided over by President Bola Tinubu. The […]
The Federal Executive Council (FEC) has approved an Operation and Management concession for the 360 megawatts Gurara II Multipurpose Dam & Hydro Power Plant and the 40 megawatts Kashimbilla Hydro Power Plant under a Public-Private-Partnership (PPP) model with a projected revenue target of N647.7 billion from the deal. The approval by the FEC was sequel […]
The Federal Executive Council (FEC) has approved a total of N92,123,175,305.77 for the construction of a second runway at the Nnamdi Azikiwe International Airport, Abuja. The Minister of Aviation, Senator Hadi Sirika, gave this hint on Wednesday after the FEC’s virtual meeting, presided by President Buhari at the Villa, Abuja According to him, the sum […]
The Nigerian National Petroleum Company Limited (NNPC) has disclosed that it spent N100 billion on refineries’ rehabilitation in 2021. The state-owned oil entity made this disclosure in its report on the funding performance for 2021 financial year. Although the report did not list the refineries that gulped the amount, industry analysts believe that all the […]
The Nigerian National Petroleum Company Limited (NNPC) on Wednesday presented a projected N3 trillion subsidy cost for 2022 financial year to the Federal Executive Council (FEC) for approval following the Federal Government’s decision to sustain fuel subsidy payment for the next 18 months. At the FEC meeting presided over by President Muhammadu Buhari, the […]
In what sounded an unrepentant voice of justification of the nation’s rising public debt stock, the Minister of Finance, Budget and National Planning, Zainab Ahmed, on Wednesday stoutly defended the borrowings of the President Buhari-led administration, saying the government will continue to borrow to fund critical projects. The minister, who spoke against the background of […]
The Federal Executive Council (FEC) on Wednesday approved the National Policy on Fifth Generation (5G) Networks for Nigeria’s digital economy. The 5G Policy approval was sequel to the presentation by the Minister of Communications and Digital Economy, Prof. Isa Ibrahim Pantami, at the meeting. The FEC also directed that the implementation of the National Policy […]
The Federal Executive Council (FEC) on Wednesday approved $1.5 billion contract for the rehabilitation of Kaduna and Warri refineries. This is even as the Council also ratified $.2.76 billion for the Federal Government’s equity in Dangote Petroleum and Petro-Chemical Refinery. The Kaduna and Warri refineries have remained in comatose for over four years, despite billions […]
President Muhammadu Buhari on Monday signed the 2021 Supplementary Appropriation Bill into law barely few weeks after its passage by the National Assembly. The Federal Executive Council (FEC) had about a month ago approved a draft supplementary budget of N895,842,462,917 for the year 2021. Briefing journalists at the State House on the signing of the […]