The Federal Executive Council (FEC) has approved a refund of N16.7 billion road projects executed by Borno State government on behalf of the federal government.
Senior Special Assistant to the President on Media and Publicity in the Office of the Vice President, Mr Laolu Akande, said this while briefing State House correspondents at the end of the weekly FEC meeting chaired by President Muhammadu Buhari.
He said a debt sustainability analysis would be carried out by the Debt Management Office and approval obtained from the National Assembly before the money is paid to the state government.
“Council approved the President’s memo for the reimbursement of funds spent by the Borno State government for federal road projects in the total sum of N16, 772, 486.19 which will be processed after a debt sustainability analysis has been carried out by the Debt Management Office (DMO), leading to the issuance of debt instrument and promissory notes in the same value to be approved by the National Assembly,” he said.
Also speaking, Minister of Science, Technology and Innovation, Mr Adeleke Mamora, said the council approved a National Technology Action Plan for Climate Change Mitigation and Adaptation in Nigeria’s most vulnerable sectors.
He said due to the devastating effects of climate change, it has become necessary for nations to start taking actions geared towards mitigation and adaptation and Nigeria cannot be left behind.