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.
The Federal Executive Council (FEC), on Wednesday, approved the establishment of a committee made up of cabinet ministers and selected private sector investors, to source for alternative means of financing infrastructure.
The Minister of Industry, Trade and Investment, Okechukwu Enelamah, briefed journalists after a six-hour closed-door meeting that the target is to boost infrastructure spending to a N10-20 billion range annually over the next five years.
Enelamah stressed that the Federal Government plans to achieve the plan by partnering with other key sectors and meetings would begin by April 2019.