FEC approves N5.5bn to create 60,000 jobs | Nigerian News. Latest Nigeria News. Your online Nigerian Newspaper. f

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The Federal Executive Council (FEC) Wednesday approved N5.5 billion for the creation of 60,000 jobs.


The contract, under the N-Power Knowledge Multipack project, is to train 12,000 youths between 18 and 25 years old.


The 12,000 youths will, in turn, be empowered to train additional youths, bringing the total beneficiaries to 60,000.


The Minister of Budget and National Planning, Udoma Udo Udoma, briefed State House correspondents at the end of FEC meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.



According to him, the contract, which was awarded under the Social Investment Programmes, will make provision of N259,000 each for training the youths and N207, 000 each for their tools.


He said: “One of the projects approved by the Federal Executive Council (FEC) today is knowledge, youth and empowerment programme. Now, this programme targets 12,000 young Nigerians of between the ages of 18to 25 years. It is meant to give them training and devices.


“The training intends to transform the 12,000 beneficiaries from unemployed, under-employed trainees to employed citizens and entrepreneurs.


“It will deliver to 12,000 beneficiaries informed trainings which will enable beneficiaries build and imbibe technical proficiency such as assembling, repairs, maintenance as well as technology skills and digital literacy across a wide range of electronic brands, products and technology which can be grouped into three areas – mobile devices, computing devices and commonly used electronic devices irrespective of their socio-economic backgrounds.



“It’s a programme that is open to all unemployed youths across the six geopolitical zones. Each of the 12,000 targeted beneficiaries will be empowered to train 5,000 youths via a training platform which means they will need to translate the jobs to 60,000 additional jobs because each of the 12,000 is empowered to train five other youths via a training platform and engage them on his or her platform.


“The project is awarded to Messrs Softcam. It’s of nine months’ duration. Softcam will be working with officials of Social Investment Programme.


 “It will cost N259,000 per youth for the training and N207,000 for work tools. Thereafter, once they are trained, they will set up their businesses. Each of the 12,000 beneficiaries will set up his/her business. The cost is N5.595 billion.


“The idea is to ensure that our youths are trained and capable of handling all these electronic equipment, ” Udoma said.


The Minister of Finance, Zainab Ahmed said $6.8 million loan was approved for the rebuilding of the Northeast.


Hajia Ahmed said: “As at December 2018, the National Assembly had approved the Issuance of Promissory Notes to two (2) creditor categories from the Programme:


Refund to 21 state governments for projects executed on behalf of the Federal Government (Refunds to 4 States – Bauchi, Delta, Kogi and Taraba, were not approved) (N488,743,526,204.77).


“ii. Payment to Oil Marketing Companies (OMCs) for Fuel Supply Accrued Interest and Foreign Exchange Differentials (N348,003,054,975.00).


Note: Subsequent to the submission of this Memo to Council, NASS approved the following additional items:


Refund to two (2) State Governments (Delta and Taraba States) – N90,236,461,031.36;


Payment for six (6) Contractors – N206,065,107,252.69; and, Payment of Exporters Claims under the Export Expansion Grant (EEG) Scheme – N195,089,234,808.63.


“Purpose of the Council Memo


To seek Council’s approval for the following: i. Appointment of Transaction Parties for the Programme


To incur a total estimated cost of N689.96 million (including Fees and Expenses to the Transaction Parties) in implementing the Programme and that the funds be sourced from proceeds of FGN Securities Issuance.


“Appointment of Transaction Parties and the Procurement Process



Three categories of Transaction Parties are to be appointed for the implementation of the Programme. They are: i) An International Accounting Firm operating in Nigeria (for verification of the liabilities); ii) Financial Advisers (for the structuring of the Promissory Note); and, iii) Legal Advisers (for legal advisory services and litigations that may arise).


Minister of State for Power, Works and Housing Mustapha Shehuri said the Council approved N6.17 billion for the augmentation of the contract for the construction of Ikot-Ekpene border-Aba-Owerri road, Section 1, Phase 1.


He said that the contract was awarded in 2012 but the augmentation had to come following observations by the contractor.


He said: “FEC has given approval for the augmentation of contract for construction of Ikot-Ekpene border-Aba-Owerri road, Section 1, Phase 1 and the length is 11.26km.


“The contract was awarded in 2012 to Arab Contractors at the cost of N3.78b; it came up for augmentation because the contractor actually observed some failures in the contract around some sections of the road.


“Actually, it is one lane but with the augmentation now, it will be dualised; the contract period in 12 months; the cost after augmentation is now N6.17 billion,’’ he said.


The Minister of Women Affairs and Social Development, Aisha Abubakar, said that FEC approved the revised estimated total cost for the completion of the Ministry of Women Affairs and Social Development Headquarters in Abuja.


She said that the building was initially conceived to be the National Children’s Library and Resource Centre approved in 2006.


The 20 new completed projects including erosion and flood control works, he said, are located in Bauchi, Yobe, Ekiti, Kano, Nasarawa, Benue, Katsina, FCT, Jigawa and Kebbi states.



The Minister of Mines and Steel, Bawa Bwari said that FEC approved N486.9 million for mining drilling equipment.




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