This substantial package, announced after the Council’s meeting at the State House in Abuja, reflected President Bola Tinubu administration’s commitment to economic revitalisation through targeted capital investment.
Minister of Works, Dave Umahi, said the Council’s approval of N175.08 billion for Section II of the East-West Road, from Port Harcourt to Ahoada, represented one of six inherited road projects reviewed under the current administration.
“This project was inherited. In 2009, it was awarded for N44.83bn but reviewed in 2014 for N93.41bn. Our administration reviewed it because of the floating of the naira and the petroleum subsidy removal in 2023,” Umahi stated.
He explained that the Council added N30bn to an earlier revision to bring the final figure to N175.08 billion.
“We rescoped, repriced or split the projects into phases to match today’s fiscal climate,” he added.
The East-West Road has long been considered a vital economic artery, especially for the oil-rich Niger Delta region.
The reapproval of the section aims to improve mobility, logistics, and economic opportunity across several southern states.
In the energy sector, Minister of Power Adebayo Adelabu revealed multiple approvals exceeding N40 billion. A major item was the approval to replace the preferred bidder for the 6-megawatt Ikere Gorge Hydro Power Plant concession in Iseyin, Oyo State.
“If I may take you back, the council, at its meeting of Wednesday, 27th March 2019 actually approved the concession of five small and medium hydro power plants under public-private partnership.
“However, the preferred bidder for the Ikere Gorge hydro power plant, Misuse Power Control and Appliances Limited, failed to accept the offer within the stipulated timeframe, and for five years running, nothing has happened,” Adelabu said.
The government has now approved the reserved bidder, Quent Power Infrastructure Nigeria Limited, to take over the concession.
“We have carried out due diligence on this company, and we have also discussed with their technical partner. We have realised that they have all it takes to ensure that this hydro power plant in the Iseyin part of Oyo State is revamped and even improved to 15 to 20 megawatts,” Adelabu said.
He added that the approval includes a one-time concessional fee of about N291.6 million and an annual concession fee of N66.3 million.
“Apart from increasing revenue to the government, this will also improve power supply to the Oke-Ogun parts of Oyo State. We believe that the agriculture industry of that axis will also improve, as well as attracting more businesses into the area,” Adelabu noted.
Another power-related approval covered the construction and installation of a 2×60 MVA, 132/33 kV substation in Ibadan, Oyo State. The contract was awarded to Enitem Global Limited in the sum of $18.3 million and N9.9 billion, inclusive of 7.5% VAT.
A separate consultancy service contract for the substation was approved for Team Spirit Consult Limited at $1.4 million and N589 million, also including VAT. Both projects are to be completed within 24 months.
“This will ensure that power supply is strengthened and we also secure the national grid for effective power wheeling and improved service delivery for strategic investments that will address the power supply challenges, support economic development, and improve the quality of life for the residents,” the minister explained.
He stressed that the infrastructure will help stabilize supply to industrial areas and institutions, including Iwo Road, Manatan, and Iyana-Ofa, while supporting revitalization of the Ayede 330kV substation and the proposed Asejire 330kV substation under the Siemens-led Presidential Power Initiative.
A third power sector approval concerned the procurement of three operational vehicles for the FGN Power Company, which manages the Siemens project.
While no cost was disclosed, Adelabu affirmed that this step would enhance project execution.
Minister of Aviation and Aerospace Development, Festus Keyamo, said the Council approved three major memos totalling N987billion to modernise Nigeria’s aviation infrastructure and safety systems.
“First, Terminal B at the Nnamdi Azikiwe International Airport, Abuja, will be upgraded for N2,442,418,004,” he said.
Second, the government will establish command and control centers at major airports at a cost of N2,924,907,002.69. Keyamo noted this will streamline emergency response, communications, and overall operational coordination.
The third and most substantial aviation approval was for the procurement of critical navigation aids and spare parts, valued at $654.5 million plus N201 million. The equipment will be sourced from Indra of Norway.
“These approvals aim to modernize facilities and ensure safety by having readily available spare parts. This is especially important in reducing flight delays and maintaining global safety compliance,” Keyamo explained.