FEC approves N18bn for Kano, Calabar free trade zones
The sum of N18.1 billion has been approved by the federal executive council (FEC) for the development of infrastructure at the nation’s free trade and economic zones.
This was announced on Wednesday by the information minister, Lai Mohammed whileaddressing state house correspondents after the weekly FEC meeting in Abuja.
Mohammed said the affected zones include the Kano and Calabar free trade zones, as well as the textile and garment park and the special economic zone in Lagos.
He said the approval was of critical importance to the infrastructure development plan of the country.
FEC also approved N9.24 billion as premium for insurance firms that will manage federal civil servants group life insurance in the country.
The group life insurance is a joint regulation of the National Insurance Commission (NAICOM) and National Pension Commission (PenCom).
Section 9 (3) of the Pension Reform Act 2004 (now PRA 2014) requires that every employer, to which the Act applies, to maintain Life Insurance Policy in favour of the employee for a minimum of three times the annual total emolument of the employee. The policy provides cover to the insured against death.
Mohammed said: “On behalf of the Head of Civil Service of the Federation, I will like to report that council today approved the award of contract for the appointment of insurance companies for group life assurance for federal government employees, public servants paramilitary and the intelligence community for the year 2021-2022 in the sum of N9, 248. 995, 907 and this premium is for a period of 12 months.
“This is part of the government’s welfare programme for our public employees so that in case of death, they are assured that there would be compensation”.
In August 2020, the federal government had paid about N15 billion premium under the group life insurance scheme to insure over 89,000 workers across the country.
Mohammed said FEC also approved N18.1 billion for the ministry of industry, trade and investment; N864.7 million for two road contacts that were abandoned by previous administrations; and N1.1 billion for the procurement of aviation security uniforms and accessories for use in various airports across the country.
“Minister of Aviation got an approval for the award of contract for direct procurement for the design, manufacture and supply of aviation security uniforms and accessories. The sum total is N1, 127, 945. The unique thing about uniforms for the aviation industry is that it has some International Civil Aviation Organisation (ICAO) standards that would be followed,” he said.
“The Minister of Niger Delta got approval for Okpula-Igwartanta Phase I linking Imo and Rivers state, started in 2010. He got approval for a variation of N620, 763, 000. He also got approval for erosion flood control on Ndemili-Utagba-Onitsha road in Delta State, started in 2014. The council today approved N244 million to augment the original contract sum”.
The post FEC approves N18bn for Kano, Calabar free trade zones appeared first on NEWS.