The Federal Executive Council has approved the handing over of N15.3 billion worth of ecological projects to benefitting communities in nine states of the federation.
The Special Adviser to President Buhari on Media and Publicity, 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.
Adesina said 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.
He said: “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.”
The Minister of State for Mines and Steel Development, Alhaji Abubakar Bwari, told the correspondents that the Council approved N486.9 million for the purchase of coal drilling rig for the National Steel Raw Materials Exploration Agency, Kaduna, Kaduna State.
Bwari 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 N689.96 million 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.
Ahmed 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, estimated at N3.4 trillion.
The breakdown of the Creditors is as follows:
Pension Liabilities N400billion
Unpaid Salaries and 3rd party deductions N24.95 billion
Staff Claims N270billion
Part of Contractors Claims N45.36 billion
Fuel Supply Accrued interest and Foreign Exchange differentials N514.29 billion
Part of State Governments Claims N487.85 billion
Ministry of Health Outsourced Liabilities N9.04 billion
Major Contractors N596.51 billion
Export Expansion Grant Scheme N350.12 billion
Judgement debt N112.96 billion
DISCOS N26.71 billion
GENCOS N495.67 billion.