Toba Owojaiye reportingÂ
Abuja , NigeriaÂ
In a remarkable display of governmental efficacy, the Federal Executive Council, under the stewardship of President Bola Tinubu, concluded a marathon meeting on Tuesday, unveiling 21 major policy initiatives aimed at bolstering various sectors of the Nigerian economy.
Truth Live News gathered that, the FEC meeting, which commenced on Monday, culminated in a series of decisions that experts have hailed as unprecedented in the history of the council. These decisions, encompassing diverse areas of governance, promise to fortify the economy, attract investments, and enhance the ease of doing business across the nation.
Facilitating Investment with Visa Policy Overhaul:
One of the standout initiatives involves a comprehensive review of Nigeria’s visa regime, designed to expedite visa processing for investors and tourists. Led by the Minister of Information and National Orientation, Mohammed Idris, the FEC resolved to streamline the visa application process, aiming for a turnaround time of just 48 hours.
Revamping the E-Visa Platform:
As part of this initiative, the government is revamping the e-visa platform, a critical component of the Nigeria Visa Policy (NVP) 2020. The enhanced system will allow online application submissions, providing greater convenience for visitors while ensuring security and proper vetting measures.
Ending Airport Toll Exemptions:
In another significant move, the FEC decided to abolish airport toll payment exemptions for very important persons (VIPs) and government officials, including President Tinubu and Vice President Kashim Shettima. This decision, announced by Minister of Aviation and Aerospace Development, Mr Festus Keyamo, aims to generate much-needed revenue for airport maintenance and services.
Modernizing Infrastructure and Transport:
The council’s agenda also encompasses ambitious infrastructure projects, including the construction of a new transport terminal hub in Abuja and a $7 million US property to serve as Nigeria’s tech hub. Additionally, a N2 trillion mortgage initiative aims to address housing challenges while banning sand dredging near federal bridges serves environmental protection goals.
Addressing Power Infrastructure Challenges:
Recognizing the urgent need to address power infrastructure vulnerabilities, the FEC approved a N72 billion project to construct new transmission lines and deploy emergency restoration systems. Minister of Power, Adebayo Adelabu, underscored the importance of these measures in ensuring uninterrupted power supply and mitigating the impact of vandalism.
Engagement with Labour:
In response to recent protests by Labour unions, the government assured that their grievances are being considered, emphasizing its commitment to dialogue and the ongoing transformation of the power sector.
Tapping into Local Funds for Infrastructure Development:
Highlighting the government’s innovative approach, Minister of Finance and Coordinating Minister for the Economy, Wale Edun, revealed plans to utilize local funds, including pension and life insurance, to finance infrastructure projects. This initiative aims to leverage Nigeria’s substantial long-term savings to fuel economic growth and provide affordable housing solutions.
As Nigeria charts a course towards economic recovery and sustainable development, the ambitious policy initiatives unveiled by the Federal Executive Council signal a proactive and determined approach under President Bola Tinubu’s leadership. With a focus on investment facilitation, infrastructure modernization, and prudent financial management, these measures aim to propel Nigeria towards a brighter and more prosperous future.