The Federal Executive Council (FEC) approved the sum of N665 million for the acquisition of poultry equipment for farmers in Borno, Yobe, Plateau and Zamfara.
This was disclosed at the FEC meeting on Wednesday by the Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Farouk, chaired by President Muhammadu Buhari, in Abuja.
What the Minister of Humanitarian Affairs, Disaster Management and Social Development said
“Today, the Ministry of Humanitarian Affairs, Disaster Management and Social Development presented a memo to Council on behalf of National Emergency Management Agency seeking the approval of Council for the revised estimated cost and augmentation on contracts for the procurement of poultry equipment for Borno, Plateau, Yobe and Zamfara States that were affected by conflicts in 2019.
This memo was earlier approved at the council meeting of Wednesday, March 20, 2019, and the contract was not executed due to price increase and the COVID-19 pandemic. The contractors said they won’t be able to really execute the contract because of price increases and so we had to go back to Bureau for Public Procurement (BPP) for variations.
We got the approval of BPP and now we came to Council and presented the memo and the Council graciously approved the variation.”
What you should know
- The Federal Executive Council (FEC) also approved the establishment of the Nigerian Investment and Growth Fund (NIG-Fund).
- The new Nigeria Investment and Growth Fund is expected to raise financing from Development Finance Institutions, pension funds, insurance companies, Sovereign Wealth Funds, private sector investors, family offices, Nigerians in diaspora, endowments and so on.