FEC Approves N4bn For Execution of Contracts in Universities, Okays N9.6bn Refund To Plateau and Borno States
The Federal Executive Council has approved over four billion naira for the execution of contracts in three universities in the country.
The Minister of Education, Mallam Adamu Adamu, disclosed this to State House Correspondents at the end of Wednesday’s meeting of the Council presided over by President Muhammadu Buhari.
He revealed that the Council approved a total sum of N4, 078,903,692 for three contracts in the Osun State University, Osogbo; the Federal University, Lokoja and National Commission for Nomadic Education.
Adamu also disclosed that the Council approved a memorandum that sought the takeover of the David Umahi University of Medical Sciences, Ebonyi, by the federal government, as well as the change of the name of the institution to David Umahi Federal University of Health Sciences.
He said: “We presented four memos, three of them were contracts. The first is for the construction of the Senate Building in Osun State University, in Osogbo. This is at a cost of N2, 134,686,307.88, with a completion period of 76 weeks.
“Second one is another Senate Building. This one is at the Federal University, Lokoja and it is at the cost of N1, 607,471,754.77, with a completion period of 50 weeks.
“The third one is a contract for the erection of a radio antenna for the National Commission for Nomadic Education. It is 50 kilowatt AM radio and the contract sum is N336, 745,631.70. The completion period is 14 weeks.
“The last one is a memo for the takeover of David Umahi University of Medical Sciences, Ebonyi, by the federal government. What we brought in the memo is for Council to ratify the agreement that has been entered between the Ebonyi State government and the federal government and then to approve the renaming of the university from David Umahi University of Medical Sciences to David Umahi Federal University of Health Sciences.”
The Minister said the Council has already approved a draft bill for the renaming of the university as well as its transmittal to the National Assembly for enactment into an Act.
The Federal Executive Council also approved a refund of N9.6 billion to Plateau and Borno States for road projects executed by the two States on behalf of the Federal government.
The Minister of Works and Housing, Babatunde Fashola revealed this to State House Correspondents while briefing them on decisions reached at the weekly meeting of the council, chaired by President Muhammadu Buhari.
“We presented two policy memoranda. The first was for a refund to two State governments for previous interventions on federal government roads subject to the July 2016 cut-off after which refunds will no longer be eligible.
“The two States which had outstanding with respect to eligible roads are Plateau and Borno States. Council approved the refund of N6, 601,769, 470, 99 in favour of Plateau State and the sum of N3, 084, 797, 113.34 for Borno State.”
The Works Minister also disclosed that the council approved a memorandum that informed it about the commencement of a procurement process for a Central Clearing House for the operations of Toll Plaza Concessionaires.
He said this was in line with the current administration’s decision to resuscitate tolling across the country.
“This approval will give room for a private sector operator to build a Central Clearing House at its own expense , operate it, recover and then ultimately transfer back to the government. What the Central Clearing House will do is to synchronise interoperability between different toll systems that may be used by different concessionaires when they commence their tolls and also provide a on stop accounting system and a single payment recovery system where everybody is paid at the end of the operations as well as provide visibility for government to see what is going on in the operations of each concessionaire,” Fashola explained.
Meanwhile President Muhammadu Buhari has inaugurated the Governing Council, Board of Directors and Executive Management Team of the Ministry of Finance Incorporated (MOFI).
President Buhari performed the ceremony on Wednesday in the Council Chambers of the Presidential Villa, Abuja, before the commencement of the week’s meeting of the Federal Executive Council.
MOFI is an investment vehicle as part of overall measures to revive and restructure non- performing assets and boost government revenue.
At the inauguration, the President urged the new Board, chaired by former Minister of Finance, Shamsudeen Usman, to raise the value of MOFI’s portfolio from the current N18 trillion to N100 trillion by 2033.
According to the president, the governing council is set up as a world class investment company with a new management and board, comprising core professionals with specialisation in portfolio management.
He said the new leadership would take steps to mobilise capital and invest same in assets that are critical to the Federal Government’s revenue drive.
He said the task of MOFI would involve turning the country’s current assets into aggressive cash flow generating entities.
He said the inauguration of Governing Council, Board and Executive Management Board became necessary to optimize returns on existing investments.
The Governing Council is chaired by the President, with the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, as Vice Chair.
Its members include the Minister of Petroleum Resources, Timipre Sylva (State); Aviation, Hadi Sirika; Industry, Trade and Investment, Niyi Adebayo, Transportation, Mu’azu Sambo; Central Bank Governor, Dr Godwin Emefiele and three experts appointed by the President: Prof. Muhammad Sagagi, Dr Ayo Teriba and Prof. Ken Ife.
The Board members include former Finance Minister, Shamsudeen Umar (Chairman), Permanent Secretaries of the Ministries of Finance and Petroleum Resources, Acting Accountant-General of the Federation, Olawale Edun, Fatima Mede, Ike Chioke, Muhammad Nda, Alheri Nyako and an executive from the CBN.
Members of the Executive Management Team are: Dr Armstrong Takang (MD), Eric solo (ED, Chief Portfolio Officer), Sani Yakubu (Chief Investment Officer), Oluwakemi Owonubi (Chief Risk Officer).
