{"id":108915,"date":"2024-03-26T02:12:18","date_gmt":"2024-03-26T06:12:18","guid":{"rendered":"https:\/\/africatodaynewsnewyork.com\/?p=108915"},"modified":"2024-03-26T02:12:18","modified_gmt":"2024-03-26T06:12:18","slug":"federal-council-approves-%e2%82%a61-267tn-for-28-roads-bridges","status":"publish","type":"post","link":"https:\/\/africatodaynewsnewyork.com\/2024\/03\/26\/federal-council-approves-%e2%82%a61-267tn-for-28-roads-bridges\/","title":{"rendered":"Federal Council Approves \u20a61.267tn For 28 Roads, Bridges"},"content":{"rendered":"<p class=\"p3\"><span class=\"s1\"><strong>The Federal Executive Council (FEC) meeting presided over by President <a href=\"https:\/\/africadailynews.net\/2023\/10\/09\/release-nnamdi-kanu-now-a-must-for-tinubus-administration.html\">Bola Tinubu<\/a> has approved the total sum of \u20a61.267 trillion for the construction of 28 roads and bridges across the country.<\/strong><\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">Engr Dave Umahi who is the Minister of Works made this disclosure while briefing State House Correspondents at the end of the meeting.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">On his part, the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, said the Federal Government has received \u00a515 billion from the Japanese International Cooperation Agency to support the nation\u2019s national agricultural scheme project.<\/span><\/p>\n<p>He clarified that the loan had a 30-year term with a 10-year moratorium and an interest rate of 10%, and that Nigeria would not experience any financial hardship as a result of the bilateral help.<\/p>\n<p>Edun went on to say that he told the council that President Tinubu had approved a request to form an economic management task group, which will carry out significant initiatives meant to expand the Nigerian economy, boost output, and generate jobs.<\/p>\n<p class=\"p4\"><span class=\"s1\">He said for the next six months, the task force made up of selected members of the economic<span class=\"Apple-converted-space\">\u00a0\u00a0<\/span>management team, the private sector, as well as the representatives of the Nigerian Governors Forum, would work to deal with major issues of monetary and fiscal policy, while ensuring real sector growth.<\/span><\/p>\n<blockquote><p><em><strong>Read Also: <\/strong><a href=\"https:\/\/africatodaynewsnewyork.com\/2024\/03\/25\/pull-army-out-of-okuama-niger-delta-leaders-urge-tinubu\/\">Pull Army Out Of Okuama, Niger Delta Leaders Urge Tinubu<\/a><\/em><\/p><\/blockquote>\n<p class=\"p4\"><span class=\"s1\">The Minister added that the task force would be operational over the next six months, and report directly to the President, while initiatives aimed at growing the economy would be rolled out.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">The Minister of Finance also disclosed that the federal government has officially ratified its membership of the European Bank for Reconstruction and Development (EBRD), through preliminary approval. He said this would further enable the country use infrastructure as a multiplier to grow the nation\u2019s economy.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">Edun added that Nigeria\u2019s membership of the EBRD would help the country reduce logistics cost on transportation and infrastructure, hence maximising investment.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">Minister of Information and National Orientation, Mohammed Idris, said President Tinubu has directed his cabinet to work on his key policy initiatives.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">According to him, the President directed all ministers and relevant government officials to \u201cfast track\u201d implementation of consumer credit student loan programmes and other social security measures for the benefit of Nigerians.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">\u201cThere was a directive by Mr. President to ministers and other relevant government officials to ensure that the issue of consumer credit student loans, other social security programmes initiated by Mr. President and already being implemented, be fast tracked for the benefit of Nigerians,\u201d Idris stated.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">Minister of Youth, Jamila Ibrahim, said council approved restructured and institutionalisation of Nigerian Youth Investment Fund through a legal framework.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">She said the Fund, initially established in 2020, and set at N75 billion, would now receive N25 billion from the 2023 Supplementary Appropriation Act, and an additional N25 billion from the 2024 Appropriation Act.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">According to her, additionally, N60 billion would be released from the Central Bank of Nigeria\u2019s SME Investment Fund, focusing on agricultural investments. These measures, she said, are aimed at supporting young businesses and stimulating economic growth.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">The Minister of State Health and Social Welfare, Tunji Alausa, on his part, said council approved the report of a basic healthcare provision for sector-wide approach, launched on December 2023 by President Tinubu.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">He said President Tinubu had signed the compact agreement with the 36 state governors, which has one percent of the consolidated revenue going into it.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">FEC also approved the institutionalisation of 10 per cent youth quota in all government appointments and an equitable young women representation.<\/span><\/p>\n<p><a href=\"https:\/\/africatodaynewsnewyork.com\/\"><strong>Africa Today News, New York<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Executive Council (FEC) meeting presided over by President Bola Tinubu has approved the total sum of \u20a61.267 trillion for the construction of 28 roads and bridges across the country. Engr Dave Umahi who is the Minister of Works made this disclosure while briefing State House Correspondents at the end of the meeting. On [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":108916,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[6928],"tags":[14357,7494,23294],"class_list":["post-108915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feature","tag-apc","tag-infrastructure","tag-president-bola-tinubu","pmpro-has-access"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Federal Council Approves \u20a61.267tn For 28 Roads, Bridges<\/title>\n<meta name=\"description\" content=\"The Federal Executive Council (FEC) meeting has approved the total sum of \u20a61.267 trillion for the construction of 28 roads and bridges across\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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