The Federal Executive Council has agreed on new strategies to help in eliminating the problem of gas flaring in the country.
The Minister of Science and Technology, Dr Ogbonnaya Onu, while briefing journalists after the Federal Executive Council meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa, Abuja, said one way to eliminate the problem was to convert the natural gas to methanol.
“One way to help us completely solve this problem of gas flaring is to convert the natural gas into methanol. Methanol is a liquid that finds use in virtually all sectors of the economy.
“You can use methanol for transportation,” he said.
“It can also be used to replace diesel for all these trucks that we find on our high way because it is cheaper and environmentally friendly so that all the problems that are associated with the use of diesel can be solved by the use of methanol.
“Also, our people in the rural areas can use methanol for cooking so that it would replace kerosene which creates sooth and darkens your pot but methanol does not have that. It is very clean”.
With the successful completion of negotiations for the new minimum wage and the consequential adjustments, the Federal Executive Council (FEC) has ordered that payments must be completed by the 31st of December, 2019.
The Minister of Labour and Employment, Dr Chris Ngige, made this known when he briefed State House correspondents on the outcome of the Council meeting held at the Presidential Villa, Abuja, on Wednesday.
He stated that a document to this effect is also to be set to the states to guide possible negotiation and implementation.
Ngige said that the Council also approved the payment of all outstanding financial implications of the consequential adjustments as worked out by the National Salaries, Income and Wages Commission, beginning from April 18.
The Federal Executive Council was presided over by Vice President Yemi Osinbajo.
The Federal Executive Council has approved the sum of N310 billion for road projects in several parts of the country.
Briefing journalists in Abuja, the Minister of Works and Housing, Babatunde Fashola, said that N79.82bn is for the Ibadan-Ilesa-Ife road, while N200.1bn is earmarked for roads linking the second Niger Bridge to Asaba and Onitsha.
The remaining N29. 6bn according to him, is meant for phase 2 of the Kano-Katsina Highway.
Meanwhile, the Minister for Education (State), Emeka Nwajiuba, disclosed that the Council also approved contracts for his ministry under the Tertiary Education Trust Fund (TETFUND).
According to him, N915 million is for the construction of the Faculty of Environment at the University of Abuja, while N918 million has been budgeted for the construction of the Faculty of Education in the same university.
The Federal Government has said that consultations will begin at all levels on the review of the Value Added Tax, (VAT) from 5 per cent to 7.5 per cent, just as it is ready to begin deductions to recover bailout funds given to states.
This was disclosed by the Minister of Finance Zainab Ahmed, on Wednesday who spoke with State House correspondents after the maiden Federal Executive Council meeting presided over by President Muhammadu Buhari.
“We will begin consultations and consultations will be at various levels in the country. So it includes consultations with the states, with the local governments, with the parliament as well as with the Nigerian public. For the VAT increase to take effect, there has to be an amendment to the VAT Act,” she said.
The Federal Executive Council, FEC, on Monday approved a new import levy on Cost, Insurance, and Freight (CIF) that will be charged on imports coming into Nigeria.
The Minister of Finance, Zainab Ahmed, disclosed this while briefing State House Correspondents at the end of the weekly FEC meeting presided over by the Vice president, Yemi Osinbajo at the Council Chamber, Presidential Villa, Abuja.
Ahmed said the FEC approved a rate of 0.2 per cent as the new import levy on imports coming into Nigeria from AU countries.
The council which met for over five hours also approved the contract for the supply of first-line Antiretroviral drugs for the National Agency for the Control of Aids (NACA). The contract is in the sum of over N1.6 billion. This includes 2nd line ARV of over N210million.
The drugs are to be supplied to Federal Central Store in Oshodi, medical stores in Abia and Taraba.