Categories: Economy

Gas: FEC Approves N2.5bn for Pipeline Installation

  • Gas: FEC Approves N2.5bn for Pipeline Installation

A pipeline installation to transport dry gas through the North and South corridors to the West corridor has been approved by the Federal Executive Council at the cost of N2.5bn.

The 30-kilometre project, which is operated by Shell and Seplat, has a dollar component of $32m.

It is designed to transport dry gas through the corridors and has a completion period of 18 months.

The approval was one of several memos considered by the FEC in Abuja, during a 10-hour meeting that dragged into the night on Wednesday.

The session, which was presided over by President Muhammadu Buhari, ended about 10 pm.

Findings indicated that the FEC members came under pressure to hold the long session in a bid to treat many outstanding memos as the May 29 handover drew nearer.

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said the aim of the pipeline contract, to be executed by the Nigerian National Petroleum Corporation, was to ease the movement of gas across the country.

Kachikwu explained, “The significance of this is that the more we can gather gas to feed-stock the pipelines that were built, the easier it will be to create that hop we are looking for to move gas around the corridors of Nigeria, north, south, east and west as the case may be.”

He added that the ministry got another memo approved for the procurement of fire trucks for the headquarters of the Nigerian Content Monitoring Board at the cost of N420m.

The council also looked into the problem of open defecation in the country and the Federal Government’s bid to end it by 2025.

Buhari, as part of the government’s plan, is to launch the “Clean Nigeria, Use The Toilet” campaign to end open defecation by about 47million people in the majority of the country’s 774 local government areas.

The Minister of Water Resources, Mr Suliaman Adamu, while speaking on the issue, said the campaign would be a follow-up to the National Action Plan for Revitalising the Water Supply, Sanitation and Hygiene, which Buhari had launched in 2018.

As of today, only 10 of the 774 LGAs are free of open defecation, a number the minister described as “dismal.”

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Share
Published by
Samed Olukoya

Recent Posts

PalmPay Explores Remittance Services as Part of Ambitious Global Growth Strategy

PalmPay, a leading Nigerian fintech company with over 30 million users and $6 billion in…

14 minutes ago

Dollar to Naira Black Market Exchange Rate Today, 22nd January 2025

The dollar to naira exchange rate continues to be a focal point in Nigeria's financial…

11 hours ago

Pounds to Naira Black Market Exchange Rate Today, 22nd January 2025

The pounds to naira exchange rate continues to be a critical topic in Nigeria’s financial…

11 hours ago

MTN Nigeria Secures NCC Approval to Renew and Harmonise 800MHz Spectrum Licences

MTN Nigeria Communications PLC has received approval from the Nigerian Communications Commission (NCC) to renew…

16 hours ago

CAC Strengthens Compliance and Enforcement Responsibilities, Targets Business Formalization

The Corporate Affairs Commission (CAC) has outlined plans to enhance its compliance and enforcement responsibilities,…

17 hours ago

Nigeria Could Generate Over $2 Billion from Carbon Market by 2030 – UNN

The University of Nigeria, Nsukka (UNN), has projected that Nigeria could earn over $2 billion…

17 hours ago