In a meeting on Monday, September 23, 2024, the Federal Executive Council (FEC) convened to address pressing national issues, especially the recent flooding that devastated nearly 50% of Maiduguri in Borno State.
The meeting emphasised the urgency of establishing a Disaster Relief Fund, a proposal supported by the Council to be funded through a portion of the Federation account’s revenue, alongside contributions from the private sector.
In response to the flooding crisis, the Council announced the formation of a technical committee tasked with conducting integrity tests on the Alau Dam and other dams across the nation, ensuring their safety and reliability.
The FEC also gave the green light to the Economic Stabilisation Bills, which encompass vital recommendations from the Presidential Committee on Tax and Fiscal Policy Reforms established by President Tinubu last year.
These bills aim to amend income tax laws, promote export activities, reform the exchange rate regime, and enhance foreign exchange liquidity.
Notably, one bill proposes tax relief for companies that create new jobs, while another provides personal income relief for individuals in both public and private sectors, ranging from N200,000 to N400,000.
The Council’s approval includes a collaborative effort between federal and state authorities to suspend specific taxes on small businesses and vulnerable populations, targeting levies such as road haulage taxes and market taxes. With the Council’s endorsement, these bills will now be forwarded to the National Assembly for enactment.
On the infrastructure front, the Council approved a significant contract to construct a 258 km 3-lane carriageway with reinforced concrete pavement spanning Kebbi and Sokoto states. This project is part of a broader 1000 km superhighway initiative connecting Illela in Sokoto State to Badagry in Lagos State, starting from Silame in Sokoto and concluding at Buya Town in Kebbi.
It sanctioned a revised estimated contract cost for the construction of the Bodo-Bonny Road, including vital bridges across the Opobo Channel in Rivers State. Originally awarded in 2014 for N120 billion, the contract has seen its cost increase to N280 billion, alongside an extension of 12 months for completion.
The Abuja-Kaduna-Zaria-Kano dual carriageway also received a rescoping and a downward cost review to N740.79 billion, with a completion timeline of 14 months that includes the installation of solar lights.
In further infrastructure developments, Messrs CCECC Nigeria Limited was awarded two contracts for road construction and rehabilitation in Kogi and Cross River, totaling N133.4 billion. Contracts were also granted for the repair of the Gamboru Bridge in Borno State for N3.2 billion, with a completion period of 24 months.
The Third Mainland Bridge superstructure will undergo repairs by Messrs CCECC Nigeria for N42 billion, with a six-month completion timeframe. Moreover, a contract worth N158 billion was approved for constructing service lanes for the Lekki Deep Sea Port, which will be executed by Dangote Industries under the Federal Government Road Infrastructure Development Fund and Tax Credit Scheme.
The FEC also addressed infrastructure needs in the Federal Capital Territory (FCT), approving multiple contracts, including the construction of Judges Quarters in Katampe and access roads to enhance connectivity within the area. The Council also green-lighted three additional road projects in satellite towns of the FCT.
In a significant cultural move, the Council approved two memos from the Ministry of Information and National Orientation, one focusing on the restoration and standardization of national symbols. The Council determined that the first stanza of the National Anthem should be recited at official functions, reserving the full anthem for special occasions. Additionally, the third stanza of the New National Anthem will be adopted as the National Prayer, replacing the current version.
These decisions mark a critical step towards addressing immediate challenges while laying the groundwork for sustainable development in Nigeria.
