construction of the Lagos-Port Harcourt-Calabar highway to Messrs Hitech
Construction Africa.
The council gave the approval at its weekly meeting on
Monday, presided over by President Bola Tinubu.
The construction of the first phase of the road — made up of
47 kilometres — will begin in Lagos, the council said.
The FEC also approved immediate social security payments to
vulnerable households with national identity numbers (NINs) and bank
verification numbers (BVNs).
The council said the social security payments should be
extended to Nigerian certificate education (NCE) graduates and holders of
higher degrees.
In addition, the FEC approved the “urgent” establishment of
the consumer credit scheme.
The council directed Femi Gbajabiamila, chief of staff to
the president, to lead a committee to make the scheme a reality.
Other officials appointed to the panel include Abubakar
Atiku Bagudu, the minister of budget and economic planning; Lateef Fagbemi,
attorney-general of the federation; as well as Wale Edun, minister of finance
and coordinating minister of the economy.
The FEC approval of the consumer credit scheme comes amid
serious economic hardship caused by a series of policies recently implemented
by the federal government in efforts to restore stability in the nation’s
foreign exchange (FX) market and the general economy.
Aderemi Abdul-Bojela, executive chairman of United
Technologies Limited, had said the development of a consumer credit scheme
would drive growth in Nigeria’s manufacturing sector and improve its
contribution to the country’s gross domestic product (GDP) by boosting
patronage of locally-made goods.
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