FG earmarks N32.3trn for Vision 2020

…okays construction of news roads at N6.5bn

By Daniel Idonor

ABUJA — The Federal Executive Council, FEC, yesterday, approved to enact a law that will compel the three tiers of government to roll out long term development plans to enable Nigeria achieve its Vision 2020 targets, expected to cost N32 trillion.

The meeting also approved N89.3 billion for the supply of 900,000 metric tons  of fertilizer by 30 different companies for the 2010 farming season which will be distributed and sold at 25 per cent subsidy to farmers in the 36 states of the federation and the Federal Capital Territory, FCT.

However, while Council ratified that N89.3 billion be sourced from the Special Intervention Fund for Agriculture, SIFA, the budgetary provision of the 25 per cent subsidy on the fertilizer, amounting to N22.3 billion, was inadvertently omitted in the 2010 Appropriation Act, even though the omission was to be borne by the Federal Government.

To replace power infrastructure at MMIA with N7.8bn

FEC also approved that some new roads be constructed while others be rehabilitated across all the six geo-political zones of the country at a cost of N65b in order to reduce the burden of transportation in the country, and another N7.8b for the replacement of the existing power infrastructure at the Murtala Mohammed International Airport in Lagos, which hasdbecome problematic in recent times, leading to constant situation of total blackout. 

Approves N89bn fertilizer for 2010 farming season

Addressing newsmen after the FEC meeting which was presided over by Presided Goodluck Jonathan, Minister of State for Information and Communications, Mr  Labaran Maku, said the government awarded the contract to supply 900,000 metric tons of fertilizer for delivery to the 36 states of the federation and the FCT for the 2010 farming season.
According to Labaran, “the second phase is 2014 – 2017 and the third phase, 2018 – 2020. In developing the plan, close attention was paid to what went wrong and what we need to do differently. The total investment required during the plan period is N32 trillion.”

He added that a “draft bill for an act to make development planning compulsory for all tiers of government in Nigeria” had been prepared to ensure consistency in the implementation of the plan among different levels of government.
Maku, accompanied by National Planning Minister, Shamsudeen Usman, said budgetary processes and reforms were very vital for achieving the planned steps that were being taken to integrate the Vision 2020 and annual budget.

“Besides, Council also approved that while the draft legislation is being forwarded to the President for onward transmission to the National Assembly  for passage into law to enable the implementation of the plan, state governors would forward same to the respective State Houses of Assembly for necessary action,”he stated.
… okays retirement age of university professors from 65 to 70

On education,  FEC  approved the amendment of the Universities (Miscellaneous Provisions) Act No.11 of 1993, as amended in order to provide for the extension of the retirement age of  professorial cadre from 65 to 70 years and the non-academic staff from 60 to 65 years in all federal universities.