Privatisation: FEC approves committee for sale of abandoned government structures

The federal executive council (FEC) has approved the setup of a committee to examine, repurpose, privatise, or transfer ownership of unfinished and abandoned government structures. 

The decision was taken on Wednesday at the FEC meeting presided over by Vice-President Yemi Osinbajo.

The committee, which will be chaired by the minister of finance, is expected to examine projects initiated over the last five years. 

According to Clement Agba, the minister of state for budget and national planning, the FEC also approved the creation of a database of national capital projects to track abandoned and uncompleted projects across the country.

Agba said the initiative, under the direction of the finance minister, will also focus on prioritising and funding selected projects on a yearly basis.

He said the system will also open up the possibility of privatising some of the projects or repurposing some for alternative use.

Agba said any decision on the identified projects will be determined by the outcome of investigations.

The minister added that the FEC also approved a contract for the construction of a new office block and parking lot worth over N14.8 billion for the Federal Inland Revenue Service (FIRS) in Lagos.

Agba said when completed, the office complex, which is to be located on 17b Awolowo road, Lagos, will save the service about N4 billion that it usually pays on rented property.

He added that the proposed 12-storey building will also alleviate the traffic problems that the old FIRS office causes in the area.