FEC HIGHLIGHTS
Highlights from the Federal Executive Council meeting held on the 11th of September, 2019 at the State House, Abuja
President Muhammadu Buhari said that the Federal Government has decided to restructure some functions so as to improve service delivery and efficiency. This includes the; merging of the Ministries of Finance and Budget & National Planning, the creation of the Ministry of Humanitarian Affairs to institutionalize various interventions that support the poor and distressed citizens, Ministry of Special Duties & Intergovernmental Affairs to coordinate multiagency and inter-Ministry functions as designated by the President, Ministry of Police Affairs to help advance security reforms, the splitting of the Ministry of Power, Works & Housing and Ministry of Transport & Aviation to improve delivery of infrastructure.
An extension of the construction contract for the Lagos-Badagry Expressway to the border with Benin Republic was approved at N15.2 billion alongside 14 new road contracts at N189 billion. The road contracts are:
· Construction of 2 bridges at Kontagora-Rijau Road at N1.12billion
· Construction of additional lane on Kano-Katsina road at N9.4 billion
· Construction of Kontagora-Bangi road in Niger state at N20.3 billion.
· Rehabilitation of outer Marina-Bonny Camp road and Eko bridge at N9.2 billion
· Rehabilitation of Ibori-Idomi Western road in Edo state at N4.5 billion
· Construction of Ilogu-Ireni Road in kwara and Osun state at N18.41 billion
· Construction of Baro Port road in Niger at N10.6 billion
· Construction of Wudil bridge on Kano-Maiduguri road at N2.5 billion
· Rehabilitation of Wukari-Ibi road in Taraba at N12.3 billion
· Rehabilitation of Ajingi-Kafin Hausa road in Jigawa at N25 billion.
· Rehabilitation of Abba-Owerri road at N6.98 billion
· Rehabilitation of Kaliyari-Damaturu road in Yobe at N16.9 billion
· Construction of Yaba-Yangoji road in FCT at N17.3 billion
· Rehabilitation of two outstanding sections of Nnewi-Okigwe road in Imo and Anambra at N12.7 billion.
FEC approved the commencement of the process for an increase in Value Added Tax (VAT), from 5% to 7.5%. The new VAT will be implemented after the National Assembly amends the VAT Act, hopefully by 2020. The Process will involve extensive consultation at various levels with States, LGs, Private sector and the General Public.
FEC approved the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2020–2022, presented by the Minister of Finance, Budget and National Planning. Download this doc to find out more about the Medium Term Expenditure Framework and Fiscal Strategy Paper: https://t.co/gtMqIqozHc?amp=1
FEC also approved revisions to the contract sums for Lagos-Ibadan Rail and Itakpe-Warri Rail. Revisions will cover various additional works ranging from Stations, to the extension of the Lagos Ibadan Rail Line to the Apapa Port Complex.
Minister of Finance, Budget & National Planning, Zainab Ahmed Shamsuna told the council that Capital releases for the 2019 budget started this week and about N300 billion has been lined up for releases in first disbursement.
