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FEC met on Wednesday
- The Council approved several projects
- Approved ₦35 billion for NEPZA power station
The Federal Executive Council (FEC) which met on Wednesday has approved the sum of ₦35 billion for the construction of a power station at the Nigerian Export Processing Zone Authority (NEPZA) in Calabar, Cross River stated.
The Minister of Industry, Trade and Investment, Niyi Adebayo while speaking to journalists after the meeting said, the contract was awarded to Mutual Commitment Nigeria Limited. The Council approved the contract sum of N35,411,119,159.47 with a 10-year repayment period for the contractor’s part-funding. The Minister noted that the contractor will, finance 75% of the project while NEPZA would finance the remaining 25%.