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Business News

FEC okays N5.4 billion for gas parks, airport security project 

The sum of N5.4 billion has been approved for the development of oil and gas parks and indoor shooting range for aviation security.

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FEC approves N314 billion for new projects 

The sum of N5.4 billion has been approved for the development of oil and gas parks and indoor shooting range for aviation security. This approval was granted by the Federal Executive Council (FEC) yesterday.

This disclosure was made by the Minister of State for Petroleum, Chief Timipre Sylva, and the Minister of Aviation, Hadi Sirika.

[READ MORE: FG moves to reduce allowances of all political office holders]

The Details: The Ministry of Petroleum Resources would get N3 billion for the oil and gas project while the Ministry of Aviation would receive N2.4 billion for the construction of indoor shooting range for aviation security.

FEC okays N5.4 billion for gas parks, airport security project 

Highlighting the importance of the oil and gas parks to the Niger Delta region, Minister of State for Petroleum, Chief Timipre Sylva, said the project would create more jobs and enhance the security of the region.

Today at the council, the Ministry of Petroleum presented two memos for the establishment of oil and gas parks. Two oil and gas parks were approved; one in Akwa Ibom, and the other in Bayelsa State.

These parks are to support the development and manufacturing of oil and gas tools. As some of you know, in some countries, service sector of the oil industry is sometimes even bigger than the oil industry itself,” he said.

On his own part, Sirika noted that the N2.4 billion would be used to build an indoor shooting range for aviation security. The essence of this movement is to ensure greater level of security at the nation’s airports.

Today in council, two memoranda were considered for aviation. The first is the construction of indoor shooting range for aviation security. Recall some time ago, President Buhari, in conformity with the Act that established the Federal Airports Authority of Nigeria, had approved that aviation security personnel should carry arms for improved security and you also recall that these aviation personnel were trained and are still receiving training and profiling and all things that will make them efficient.

“And adding to that, they need tools and equipment to play the role they ought to play to keep us safe and secure. So, a contract was awarded to Messrs Donteck. It is a Nigerian firm (working) in an association with another company called Action Targets of the United States. The total contract sum is two billion, four hundred and thirteen million, nine hundred and sixty-three thousand thirty-five naira and seventy-five kobo (N2,213,963,035.75).” 

Hadi Sirika

Giving a timeline for the project, Sirika said it would take two months and added that the construction was in tandem with the UN counterterrorism unit and the International Civil Aviation Organization (ICAO) which has now gotten approval by the FEC.

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Recent Developments: A total of N311.8 billion was approved by the Federal Executive Council (FEC) for the construction and rehabilitation of two link roads connecting the Second Niger Bridge in the South East and several other projects being executed.

The roads meant to be covered according to the Minister of Works and Housing, Babatunde Fashola, are the Ibadan-Ilesa-Ife road, the Second Niger Bridge to Asaba and Onitsha and phase II of the Kano-Katsina highway. Apart from the money approved for the construction of roads, additional N1.833 billion was been approved by the FEC under the Tertiary Education Trust Fund (TETFUND) for programmes in the Ministry of Education.

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Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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