FEC Constitutes Team To Sell, Repurpose Abandoned Properties

The Federal Executive Council (FEC) meeting presided over by Vice Pres­ident Yemi Osinbajo on Wednesday, approved the constitution of a team to review, repurpose, privatise or transfer ownership of abandoned and uncompleted government buildings across the country.

Council also approved over N14.8 billion for the construction of a new office block and parking lot for the Fed­eral Inland Revenue Service (FIRS) in Lagos State.

These were disclosed by the Min­ister of State for Budget and National Planning, Clement Agba, after the week’s Council meeting.

The minister, who disclosed that he presented four memo­randa on behalf of agencies under the ministry, pointed out that two of the memoranda were on behalf of the Nigeria Customs Service, both target­ed at making the work environ­ment conducive for officers and men of the service.

According to Agba, the team to carry out the assess­ment on the abandoned prop­erties, known as Council on the National Capital Projects Information System, would be led by the Minister of Finance, Budget and National Planning.

“The other memo I present­ed had to do with approval for the creation of a database of National Capital Projects Infor­mation System of Government and what this project seeks to take care of is the increasing number of abandoned and uncompleted projects that we have all over the place, which are turning out to be a major drain of funds and represent a waste of the nation’s budget and scarce resources.

“So Council approved the setting up of a team, Council on the National Capital Projects Information System, which in­volves the key infrastructure ministries. This team will be headed by the Honourable Minister of Finance, Budget and National Planning.

“They are to look at and pri­oritise funds of selected projects on a yearly basis for comple­tion. Look at the possibility of maybe privatising some of the projects or transfer of owner­ship to either state or local gov­ernment, how to repurpose the projects for alternative use, or completely abandon or disman­tle the project and treat those as a sunk cost”, he explained.