N-Power
Infrastructure: FEC Approves ₦18bn For Free Trade, Economic Zones
The Federal Executive Council (FEC) has approved the sum of ₦18.1 billion for the development of infrastructure at the Nigeria’s free trade and economic zones.
The minister of information and culture, Lai Mohammed announced this on Wednesday, while addressing state house correspondents after the weekly FEC meeting in Abuja.
Infrastructural Development
Mohammed said the affected zones include the Kano and Calabar free trade zones, as well as the textile and garment park and the special economic zone in Lagos.
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“The approval is of critical importance to the infrastructure development plan of the country”
Insurance
FEC also approved ₦9.24 billion as premium for insurance firms that will manage federal civil servants group life insurance in the country.
The group life insurance is a joint regulation of the National Insurance Commission (NAICOM) and National Pension Commission (PenCom).
Mohammed said: “On behalf of the Head of Civil Service of the Federation, I will like to report that council today approved the award of contract for the appointment of insurance companies for group life assurance for federal government employees, public servants paramilitary and the intelligence community for the year 2021-2022 in the sum of ₦9,248.995,907 and this premium is for a period of 12 months.
“This is part of the government’s welfare programme for our public employees so that in case of death, they are assured that there would be compensation”.
Road contracts
Mohammed said FEC also approved ₦18.1 billion for the ministry of industry, trade and investment; ₦864.7 million for two road contacts that were abandoned by previous administrations; and ₦1.1 billion for the procurement of aviation security uniforms and accessories for use in various airports across the country.
