RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

FEC approves $984.7m for maintenance of NRC equipment.

Rate Captain by Rate Captain
March 23, 2023
in Economy
Reading Time: 3 mins read
A A
0
FEC approves $984.7m for maintenance of NRC equipment.
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

AlsoRead

United States Lifts 12-Year Security Restriction on Nigerian Vessels

Inflation Rate Falls to 15.43% in July, NBS Reports

Food Inflation Climbs to 20.31% in July, Marking Fifth Straight Monthly Rise

The Federal Executive Council (FEC) has approved $984.7 million for the procurement of maintenance equipment for the Nigeria Railway Corporation (NRC). The FEC also approved N5 billion for the provision of accommodations to the National Drug Law Enforcement Agency (NDLEA) staff.

The Minister of Transportation, Mu’azu Sambo, and the Attorney-General and Minister of Justice, Abubakar Malami, disclosed these when they briefed State House correspondents at the end of the weekly council meeting.

The meeting was presided over by President Muhammadu Buhari on Wednesday in Abuja.

According to Sambo, the NRC equipment is specifically meant for the Kano-Maradi rail line connecting Nigeria and the neighbouring Niger Republic.

He said: “A memorandum presented by the ministry was on behalf of the Nigerian Railway Corporation.”

“The memorandum sought the council’s consideration and approval for the award of a contract for the procurement of rolling stock and operation and maintenance equipment for the Kano-Maradi standard gauge rail line that is currently under construction.”

“The contract was awarded to a company that is also the contractor handling the railway project in the sum of 984,722,302.05 dollars, inclusive of 7.5% VAT, with a completion period of four years.”

He also disclosed that the council approved over N510 million for the supply of customized fire service vehicles for the Nigerian Ports Authority.

“The Federal Ministry of Transportation also presented a memo to the council on behalf of two of its agencies.”

“The first agency was the Nigerian Ports Authority, which sought to provide for the award of contracts for the construction.”

“And the supply of four customized Fire Service search and rescue vans for the extrication of accident victims at Rivers Ports, Port Harcourt, the Lagos Port Complex, Tin Can Island Port, and Marina Headquarters all in Lagos.

“The Council considered the memorandum and approved the award of the contract as recommended and reviewed by the Bureau of Public Procurement in the sum of N510, 934,600 million, inclusive of 7.5% VAT, with a completion period of nine months,” he said.

On his part, the Minister of Justice said the Council approved N5 billion for the construction of residential accommodations for officers and men of the National Drug Law Enforcement Agency (NDLEA).

According to the minister, this has become necessary to further secure the lives and property of personnel of the agency, who have been having tremendous success in the fight against drug cartels and barons.

He said: “As you are aware, there has been a renewed and sustained onslaught by the NDLEA against drug cartels and barons. Within the first three quarters of 2023, about 18,940 seizures were affected by the NDLEA, and indeed, drugs worth an estimated value of over N40 billion were confiscated.

“The successes that were recorded unfortunately translated to unprecedented threats and attacks on personnel, including officers, men, and other ranks of the agency.”

“Thus, the need has arisen for the Nigerian government to consider the possibility of taking security measures that will now provide the desired protection to officers and men of the NDLEA.”

He further revealed that the council gave approval for the construction of two categories of barracks totaling 192 flats.

“Accordingly, two contracts were awarded to two different contractors. The first one is for the construction of barracks comprising a total of 92 units of three-bedroom semi-detached flats for Narcotics Superintendents and Narcotics Assistant Superintendents at a cost of N2, 267,785,450.83.

“The second contract was for the sum of N2,889,480, 320. 55 for the construction of barracks comprising a total of 100 units of two- and three-bedroom semi-detached flats for Narcotics Superintendents and Narcotics Agents,” he said.

Previous Post

CBN governor blames insecurity and high transport costs for the hike in food inflation.

Next Post

NMDPRA inaugurates oil and gas industry service permit portal.

Related News

“U.S. National Debt Rises By $1 Trillion Every 100 Days

United States Lifts 12-Year Security Restriction on Nigerian Vessels

by Victoria Attah
August 20, 2026
0

The United States Coast Guard has lifted the Condition of Entry imposed on vessels that called at Nigerian ports, ending...

Understanding Inflation: How Rising Prices Impact Your Finances.

Inflation Rate Falls to 15.43% in July, NBS Reports

by Victoria Attah
August 19, 2026
0

Nigeria’s headline inflation rate declined to 15.43 per cent in July, according to the National Bureau of Statistics. The figure...

Navigating Inflation Crossroads: Nigeria’s Economic Odyssey Amidst Global Trends

Food Inflation Climbs to 20.31% in July, Marking Fifth Straight Monthly Rise

by Victoria Attah
August 19, 2026
0

Nigeria’s food inflation rate rose to 20.31 per cent in July from 17.52 per cent in June, an increase of...

FG Saves N1.45 Trillion as Petrol Subsidy Removal Benefits Emerge

NRS Chairman: Ending Fuel Subsidy Averted N53 Trillion Bill and Naira Crash to N3,500

by Stephen Akudike
August 17, 2026
0

The petrol subsidy could have drained as much as N53 trillion from government coffers under present market conditions and driven...

Next Post
NMDPRA inaugurates oil and gas industry service permit portal.

NMDPRA inaugurates oil and gas industry service permit portal.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Nigerian Customs Deactivate Two Banks Over Failure to Remit Duties.

Apapa Customs Posts Record N28.10 Billion Daily Collection

August 20, 2026
Nigeria’s Public Debt Hits N46.25trn In Q4 2022 – NBS

Energy Inflation Falls to 4.37% in July, Lowest Level in Four Months

August 20, 2026

Popular Story

  • Nigeria’s Debt to China Surges by $800 Million in One Year

    31 Nigerian States Grapple with N2.57 Trillion Domestic Debt Amid No Foreign Inflows

    0 shares
    Share 0 Tweet 0
  • World Bank Report Reveals Nigeria’s logistics performance drops massively.

    0 shares
    Share 0 Tweet 0
  • Shocking: “Undress” An AI Tool That Unveils Digital Representations of Individuals Without Clothing

    0 shares
    Share 0 Tweet 0
  • Nigeria Anticipates $2.25 Billion World Bank Loan Approval in June

    0 shares
    Share 0 Tweet 0
  • Nigeria State Firm to Be Minority Investor in Largest Refinery

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>