FEC approves fund for NDIC projects, 12 others

The Federal Executive Council(FEC) has approved N5.72 billion for the construction of Nigeria Deposit Insurance Corporation’s (NDIC)  zonal office in Bauchi and 12 consultancy services for the development of NDIC’s offices.

Minister of Finance Zainab Ahmed disclosed this while briefing State House correspondents after FEC meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa, Abuja.

She said that the contract sum included Value Added Tax (VAT).

“Today, the Ministry of Finance, Budget, and National Planning presented two papers to the council.

“The first paper that we presented to council and council approved was for the construction of the Nigeria Deposit Insurance Corporation (NDIC) zonal office in Bauchi. The contract is in the sum of N3.239 billion including VAT; this project is to be completed in 96 weeks.

“The NDIC has been operating from a rented office accommodation; the office accommodation has since become unconducive for a good working environment. The corporation will, therefore, be saving money but also in building the office accommodation, when it is completed.

“It will provide a comfortable and clean environment for the staff to bolster morale as well as increase productivity,’’

Ahmed said that, during the process, due to approvals from the Bureau of Public Procurement were sought.

The minister said that the second memo that was presented to the council and council approved was also in respect of NDIC.

She said it was for the award of contracts for 12 consultancy services for the development of NDIC Corporate head office annex in Abuja, its office in Ikoyi, Lagos as well as a training centre in Lekki, Lagos.

“In 2015, FEC had approved the construction of these three buildings; so what we are asking for now is for stage three, which is the construction phase of the work for the consultancies relating to architecture, structural, mechanical engineering.

“ The total amount that is approved is the sum of N2.489 billion. This is for 12 consultancy firms for three different categories of professional work for the three office buildings,’’ she said.