The Federal Executive Council (FEC) has announced a series of significant policy decisions aimed at promoting transparency, accelerating infrastructure development, and reinforcing financial discipline across Nigeria.
Speaking during a post-FEC media briefing, the Minister of Information and National Orientation, Alhaji Muhammad Idris, disclosed that the Council has directed the Bureau of Public Procurement (BPP) to implement newly approved procurement thresholds for goods and services. The decision, endorsed by President Bola Ahmed Tinubu, is designed to ease bureaucratic bottlenecks and streamline project approvals.
“You will agree with me that the threshold has remained the same for a very long time. This has contributed to the growing number of projects requiring Council approval,” Idris stated, adding that the adjustment will enhance operational efficiency in government transactions.
In a move to boost infrastructure development, FEC reaffirmed its commitment to fostering Public-Private Partnerships (PPP), particularly in critical sectors such as transportation and public works. The Minister noted that Ministries, Departments, and Agencies (MDAs), especially the Ministry of Works, have been tasked with strengthening collaborations with private sector investors to drive economic growth.
“There’s an increasing need for private sector players to actively participate in our national development agenda,” he emphasized.
Addressing fiscal matters, Alhaji Idris announced that Nigeria has successfully repaid the $3.4 billion loan secured from the International Monetary Fund (IMF) during the COVID-19 pandemic. He described the repayment as a testament to the Tinubu administration’s commitment to fiscal responsibility and prudent economic management.
“This milestone signals to investors the government’s seriousness and capability to meet its financial obligations,” Idris remarked.
The Council also expressed concern over the rising incidents of theft involving public infrastructure components. The Minister revealed that vital government assets — including bridge parts and road construction materials — have increasingly been stolen and sold for scrap and recycling.
In response, the Attorney General of the Federation has been directed to review existing legislation and propose stricter enforcement measures to curb the menace.
These policy moves are part of the government’s broader strategy to enhance governance processes, attract investment, and safeguard national assets.
