The Federal Executive Council (FEC) has approved the handing over of N15.3billion worth of ecological projects to benefitting communities in nine states of the federation.

The Special Adviser to President Buhari on Media and Publicity, Mr Femi Adesina, stated this at the end of the meeting of the council which was presided over by President Muhammadu Buhari, at the Presidential Villa, Abuja, on Wednesday.

He said that the Federal Government had awarded 166 contracts on ecology in which 93 of the projects mainly on erosion and flood control were completed and handed over to the various communities, while another 20 projects worth N15.3 billion had been also completed.

“In the life of this administration 166 projects have been awarded under the ecological fund project.

“So far 93 have been completed and handed over to the different communities and 20 are ready as we speak now. Most of the projects are erosion and flood control works.

“The total sum of the ecological projects was N15.3 billion,” he said.

The Minister of State for Mines and Steel Development, Alhaji Abubakar Bwari, told the correspondents that the Council approved N486.9m for the purchase of coal drilling rig for the National Steel Raw Materials Exploration Agency, Kaduna, Kaduna State.

He said the equipment would be used for the exploration of solid minerals in rural areas across the country.

The Minister of Finance, Hajiya Zainab Ahmed, also disclosed that the Council approved N689.96million for the appointment of Transaction Parties for the Promissory Note Programme and Bond Issuance for the settlement of inherited local debts and contractual obligations of the Federal Government. International Accounting Firm:

She said the seven transaction parties included KPMG Professional Services (N164,657,195.67);

Joint Financial Advisers: Zenith Bank Plc & Zenith Capital (N14,294,331.50); Coronation & Access Bank Plc (N14,294,331.50) and UBA & United Capital (N14,294,331.50)

Others are the Joint Legal Advisers which included SimmonsCooper Partners (N53,703,771.80); D. D. Dodo and Partners (N53,703,771.80) and Perchstone & Graeys (N53,703,771.80).

The Minister disclosed the programme would provide stimulus to the economy and unlock investment across a number of sectors currently having liquidity issues.

The Federal Executive Council at its meeting of July 12, 2017, had approved the establishment of a Promissory Note Programme for the settlement of Inherited Local Debts and Contractual Obligations of the Federal Government (the Programme) estimated at N3.4trillion.

The breakdown of the Creditors is as follows:

Pension Liabilities N400billion
Unpaid Salaries and 3rd party deductions N24.95billion
iii. Staff Claims N270billion

iiii. Part of Contractors Claims N45.36billion

Fuel Supply Accrued interest and Foreign Exchange differentials N514.29billion
Part of State Governments Claims N487.85billion
vii. Ministry of Health Outsourced Liabilities N9.04billion

viii. Major Contractors N596.51billion

Export Expansion Grant (EEG) Scheme N350.12billion
Judgement debt N112.96billion
DISCOS N26.71billion
xii. GENCOS N495.67billion.

(NAN)

count | 25

FG Approves Hand over of N15.3bn Ecological Projects to Communities