The Federal Executive Council (FEC) has approved the development of the remaining portion of the land acquired for the 1977 FESTAC into a proper estate which will be known as new FESTAC City. The planned development of FESTAC Phase Two will be led by the private sector .
Briefing state house correspondents after the meeting on Wednesday, the Minister of Housing, Ms Amal Pepple, stated that over the years the remaining portion spanning over 1,136hectres will create over 7,000plots with shopping malls, health centres as well as create jobs for Nigerians.
She said the new FESTAC city will be purely private sector funded and will be concessioned over a period of 30 years at a cost of N25.7 billion, adding that it will be handled by four companies.
The meeting agreed that such portion of land can fetch the country about N150 million in grand rents annually, hence it cannot be lying fallow when the government wants the private sector to develop infrastructure in the country.
e-Prisons and border
The meeting chaired by President Goodluck Jonathan devoted its time on the performance report of the Ministry of Interior in continuation of the review of the scorecards of the various ministries in 2012.
The Minister of Interior, Mr Abba Moro revealed to council that his ministry has come up with a proposal to introduce what he called e-prisons to forestall frequent jail breaks in the country as well as electronic surveillance on Nigerian borders.
He made this known while he was briefing the cabinet on the performance of his ministry in the year 2012.
The Minister also informed council of the improvement in the nation’s new visa regime, which was designed to attract investors into the country.
He also gave an update on border control measures, immigration issues, civil defence and prison reforms.