FEC approves N21.89bn National Theatre renovation agreement

The Federal Executive Council on Wednesday approved a Memorandum of Understanding for the renovation of the National Theatre, Iganmu Lagos worth N21.89bn.

Minister of Information and Culture, Alhaji Lai Mohammed, disclosed this while speaking with journalists along with other ministers on the outcome of the FEC meeting in Abuja presided by President Muhammadu Buhari.

The MoU was signed by the Federal Ministry of Information and Culture with the Central Bank of Nigeria, in which the Bankers Committee of the CBN would provide N21.89bn to refurbish and manage the National Theater for a few years before handing it over to the government.

Mohammed said, “I sought and obtained an approval to execute a memorandum of understanding between the Federal Ministry of Information, the Central Bank of Nigeria (CBN) and the Bankers Committee worth N21bn for the renovation of the National Theatre Iganmu, Lagos.

“This is a landmark approval because it has paved the way for investment in the creative industry as part of the resolve of this government to create at least 1,000,000 jobs in the next three years from the creative industry.

“The CBN through the Bankers Committee is willing to invest N21,894,000,000 to renovate the National Theatre, refurbish it and run it profitably.”

FEC also approved N9.43bn for the completion of the digital switchover, which had previously missed the deadline set for implementation.

The council gave approval for a number of contracts worth over N26.7bn for projects under the ministries of Information and Culture; Communication and Digital Economy, and Humanitarian Affairs, Disaster Management, and Social Development.

This came as the Federal Government said the Ministry of Communications and Digital Economy generated over 17.5 per cent of the Gross Domestic Products of the country.

Minister of Communications and Digital Economy, Isa Pantami, said FEC approved about N8.98bn for a new national ICT park in the FCT to coordinate public and private ICT hubs in the country.

He also said that the Federal Government would soon release the timelines for the replacement of BVN with NIN in bank accounts after his meeting with the Governor of the Central Bank of Nigeria and other relevant stakeholders.

Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Umar Farouk, also said the council approved a new National Policy on Aging which would take care of the needs of the aged people in the country.

Minister of Water Resources, Suleiman Adamu, said that FEC approved a memo he presented for his ministry for the implementation of Damaturu water supply scheme at the cost of N8.43bn.

He said, “I presented a memo for the construction of Damaturu Water Supply project in Yobe State in favour of three contractors and a total sum of N8.43bn.”