FEC approves continuation of N1trn FCT land swap scheme
Written by freshadmin3 on June 16, 2021
The Federal Executive Council has okayed the continuation of the Federal Capital Development Authority land-swap scheme which started under the Goodluck Jonathan administration.
FCT Minister, Mohammed Bello, revealed this after Wednesday’s FEC meeting presided over by the President, Major General Muhammadu Buhari (retd.), held at the First Lady’s conference room, presidential villa, Abuja.
According to him, the scheme valued at about N1 trillion under the previous administration was established to address the infrastructure deficit in the FCT by “swapping” parcels of land with private investors who would in turn set up basic infrastructure within the city.
He added that the Council okayed the resumption after he presented a memo on Wednesday.
However, the council will not proceed wholly with the previous arrangement as amendments have been made to the original form of the initiative, one of which is the establishment of a legal framework to protect all parties involved.