TheCable

The federal executive council (FEC) has approved the construction of the Lagos-Port Harcourt-Calabar highway to Messrs Hitech Construction Africa.

The council gave the approval at its weekly meeting on Monday, presided over by President Bola Tinubu.

The construction of the first phase of the road — made up of 47 kilometres — will begin in Lagos, the council said.

The FEC also approved immediate social security payments to vulnerable households with national identity numbers (NINs) and bank verification numbers (BVNs).

The council said the social security payments should be extended to Nigerian certificate education (NCE) graduates and holders of higher degrees.

In addition, the FEC approved the “urgent” establishment of the consumer credit scheme.

The council directed Femi Gbajabiamila, chief of staff to the president, to lead a committee to make the scheme a reality.

Other officials appointed to the panel include Abubakar Atiku Bagudu, the minister of budget and economic planning; Lateef Fagbemi, attorney-general of the federation; as well as Wale Edun, minister of finance and coordinating minister of the economy.

The FEC approval of the consumer credit scheme comes amid serious economic hardship caused by a series of policies recently implemented by the federal government in efforts to restore stability in the nation’s foreign exchange (FX) market and the general economy.

Aderemi Abdul-Bojela, executive chairman of United Technologies Limited, had said the development of a consumer credit scheme would 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.