16 key decisions taken by President Tinubu at the FEC meeting can be accessed below.
NewsOnline Nigeria had earlier reported that President Bola Tinubu on Monday presided over the Federal Executive Council meeting at the Aso Rock villa.
The meeting had in attendance Chief of Staff to the President, Femi Gbajabiamila; National Security Adviser (NSA), Nuhu Ribadu, Secretary to the Government of the Federation, George Akume; as well as other members of the Council.
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Below are the highlights of the meeting:
1. The meeting reviewed the flooding in some parts of the country, especially the one that destroyed almost 50 per cent of Maiduguri in Borno State.
The meeting backed the President’s idea of setting up a Disaster Relief Fund to be funded by a portion of the revenue accruing to the Federation account. Funds will also be solicited from the private sector.
2. The meeting resolved to set up a technical committee to conduct integrity tests on Alau Dam and other dams countrywide.
3. The Council also approved the Economic Stabilisation Bills, which embody the recommendations of the Presidential Committee on Tax and Fiscal Policy Reforms set up last year by President Tinubu. The bills seek to amend the income tax laws, promote the export of goods and services, reform the exchange rate regime and unlock foreign exchange liquidity. One of the bills offers tax relief to companies that generate incremental employment. Another offers personal income relief to people in private and public employment, from N200,000 to N400,000.
Another bill seeks federal and state collaboration to suspend certain taxes on small businesses and vulnerable populations. Among the taxes to be axed are road haulage levies, business premise registration levies, livestock levies, and market taxes and levies.
The Economic Stabilisation Bills, with the Council’s approval, will now be transmitted to the National Assembly for passage.
4. The Council approved a contract to build a 258 km 3-lane carriageway with continuous reinforced concrete pavement in Kebbi and Sokoto states. The stretch is part of the 1000km superhighway from Illela, Sokoto State, to Badagry, Lagos State. The section awarded starts from Silame in Sokoto state and terminates at Buya Town in Kebbi.
5. The council approved the revised estimated contract cost for constructing Bodo-Bonny Road with bridges across the Opobo Channel in Rivers State. The contract was awarded in 2014 for N120 billion and revised in 2021 to N199, 923,638,963.87. The FEC approved another increase to N280 billion, with an additional completion period of 12 months.
6. The council approved the rescoping and downward review of the contract to rehabilitate the Abuja-Kaduna-Zaria-Kano dual carriageway at a lower cost of N740.79 billion. Julius Berger’s job now has a completion period of 14 months and includes the provision of solar lights.
7. Messrs CCECC Nigeria Limited was awarded two road contracts, including bridges in Kogi and Cross River, at a total cost of N133.4 billion. They are the construction of Cross River to Oferekpe Road and rehabilitating Kabba (Kogi State), Iyamoye-Omuo-Ikole-Ifaki-Ado Ekiti Road.
8. Messrs BDT International Limited was awarded the contract to repair the Gamboru Bridge along Gamboru-Ngala-Kala, Balde Road in Borno State. The cost is N3.2 billion, and completion will take 24 months.
9. Messrs CCECC Nigeria will repair the damaged loops and ramps of the Third Mainland Bridge superstructure and rehab Adeniji-Falomo Roads for N42 billion. Completion will take six months.
10. The council approved the N158 billion contract to construct service lanes for the Lekki Deep Sea Port through Epe to Shagamu-Benin Expressway. Dangote Industries will be awarded the contract under the Federal Government Road Infrastructure Development Fund and Refurbishment Investment Tax Credit Scheme.
11. The council approved the contract for the dualisation of Afikpo-Uturu-Okigwe Road in Ebonyi, Abia and Imo states. The road will be financed under the Federal Government Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.
12. The councils also approved contracts for the repair of 14 bridges, roads, and flooded sections of Federal Highways nationwide.
13. The council approved at least seven memos brought by the FCT Ministry. Among them was the contract for the building of Judges Quarters in Katampe. Also approved was the contract to construct an access road from Ring Road 1 by N16 Shehu Shagari Way to Judges Quarters.
14. The council approved the contract for building an access road from Arterial Road N11 in Mabushi District to Judges Quarters within Cadstral Zone B07 in Katampe.
15. The council approved three roads in FCT satellite towns: the Pai-Gomani Road in Kuala Area Council, Aguma Palace-Radio Nigeria-New Market Road in Gwagwalada, and road upgrades in Bwari Area Council.
16. The council approved two memos presented by the Ministry of Information and National Orientation. One memo deals with the restoration of dignity and standardisation of national symbols, such as the national flag, coat of arms , national anthem, and national pledge. Council approved that the first stanza of the National Anthem should be rendered at all official functions, while the three stanzas should be for special occasions, such as `Independence Day, Democracy Day, Inauguration of the National Assembly, Children’s Day, Armed Forces Remembrance Day and Workers Day.
The Council approved adopting the third stanza of the New National Anthem as the National Prayer to replace the current National Prayer.
The second memo of the Ministry deals with the unveiling of the national values charter. The Council approved it.
