FEC Greenlights Lagos-PH Road Construction and Social Security Payments

The Federal Executive Council (FEC) has recently approved the construction of the Lagos-Port Harcourt-Calabar highway to Messrs Hitech Construction Africa.

The first phase of the road, consisting of 47 kilometers, will begin in Lagos.

In addition to the road construction, the council approved immediate social security payments to vulnerable households with National Identity Numbers (NINs) and Bank Verification Numbers (BVNs).

The social security payments will also be extended to Nigerian Certificate of Education (NCE) graduates and holders of higher degrees.

Furthermore, the FEC has established the “urgent” consumer credit scheme to 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.

A committee has been formed to ensure the success of this initiative, led by Femi Gbajabiamila, Chief of Staff to the President, and including other key officials such as Abubakar Atiku Bagudu, Minister of Budget and Economic Planning; Lateef Fagbemi, Attorney-General of the Federation; and Wale Edun, Minister of Finance and Coordinating Minister of the Economy.

The development of a consumer credit scheme is particularly important given the current economic hardship caused by recent policies implemented by the federal government in an attempt to stabilize the nation’s foreign exchange (FX) market and the general economy.

With the approval of these measures, the Nigerian government is taking significant steps to address the needs of its citizens, support the economy, and improve the country’s infrastructure.