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FG approves N16b for erosion control in Abia, Imo, others

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…Okays 2022-2024 MTEF-FSP. Projects N9.16t revenue generation

ABOUT N16 billion has been approved by federal government for erosion control works in Abia, Imo and other states across the federation.

  The approval was made at the weekly Federal Executive Council (FEC) presided over by President Muhammadu Buhari at Presidential Villa, Abuja, yesterday.

  Briefing State House Correspondents after the session, Special Adviser to the President on Media and Publicity, Femi Adesina, said FEC approved the Ecological Fund Projects for the 3rd and 4th Quarters of 2020.

  According to him, the funds are for soil erosion/flood control  and pollution control intervention projects, with contracts awarded in favour of various contactors, in the total sum of N16,041,101,334.79, inclusive of 7.5 per cent VAT.

  “These are the projects approved for implementation today: Erosion, Flood Control, Bridge Reconstruction and Road improvement at Umulmenyi Nkpa communities of Bende LGA, Abia State; Gully Erosion Control Works at Umuokoro Lower Okata community, Ihitte/Uboma LGA, Imo State; Imaku Omi Erosion Control Project, Ogun Waterside Local Government (Phase II), Ogun State; Afforestation, Combating Land Degradation, Road Improvement Measures in Aworiosun, Ikoyi Agroforestry Community, Isokan LGA, Osun State; Erosion Control at Calabar Free Trade Zone, Calabar, Cross River State; and Erosion and Road Improvement Works at Yelwa Primary School and Police Station Road, Yola, Adamawa State,” Adesina stated.

  He also gave list of other projects to be financed from the approved fund.

  Similarly, FEC approved the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) as required by the Fiscal Responsibility Act, projecting revenue generation of N6.54 trillion and N2.62 trillion to accrue to the Federation Account and VAT, respectively.

  Minister of Finance, Budget and National Planning, Zainab Ahmed, stated this during her own briefing, adding that council also authorised the funding of a N5.26 trillion budget deficit through borrowing.

  According to her, she presented a memo on behalf of  the ministry to FEC with a 2022 projected revenue of N6.54 trillion and  N2.62 trillion to accrue to the Federation Account and VAT, respectively while this revenue is projected to increase in 2023 to 9.15 trillion.

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