Cabinet approves N5.6bn for Deposit Insurance Corporation projects

Timothy Choji, Abuja


The Federal Executive Council has approved the sum of N3.2 Billion for the construction of a zonal office of the Nigerian Deposit Insurance Corporation NDIC in Bauchi, North-East Nigeria.

Minister of Finance Budget and National Planning, Zainab Ahmed disclosed this to State House Correspondents, while briefing them on decisions reached at Wednesday’s cabinet meeting presided over by Vice President Yemi Osinbajo.

She said: “Today, Ministry of Finance Budget and National Planning presented two papers to council, the first paper that we presented and council approved was for the construction of the Nigerian Deposit Insurance Corporation NDIC in Bauchi. The contract approval is in the sum of N3, 239, 747, 882 including Value Added Tax VAT. This project is to be completed in 96 weeks. We have since sought and gotten the necessary approvals from the Bureau for Public Procurement BPP.”

The Minister said the NDIC zonal office in Bauchi has been operating in a rented office accommodation which has since become unconducive for a good working environment.

She further said the corporation would be saving money when the new office is completed and that will provide a comfortable and clean environment for its workers as well as boost staff morale and increase their efficiency.

Ahmed also disclosed that a different contract of N2.4 billion was approved by cabinet for consultancy services for the same agency, the NDIC.

She said the money would cater for 12 consultancies for the construction of the NDIC Head Office annex in Abuja, its office in Ikoyi Lagos and NDIC training centre in Lekki-Lagos.

“In 2015, the Federal Executive Council had approved the construction of these three buildings. So, what we are asking for now is for the stage three which is for consultancies relating to architecture, structural and mechanical engineering.

“The total amount that is approved is the sum of N2, 489, 490, 765. 08 including VAT. This is for 12 consultancy firms for three different categories of professional work for the three office buildings,” she explained.

While also briefing Journalists, Aviation Minister, Hadi Sirika said the ministry got an approval of N574 million for special risk insurance for the assets of the College of Aviation Technology, Zaria.

“Today in Council we considered two memoranda from the Ministry of Aviation and the first was for a special risk insurance for the assets of the College of Aviation Technology Zaria and this includes the personnel that will be manning those machines and it’s for the sum of N574, 311, 407.43, which included VAT of five percent to cover from June 10, 2019 to 2022 but yearly payments will be made in accordance with the extent laws regulations,” he said.

According to the Minister, the council also approved the sum of N271 million for the fencing and perimeter road of Portharcourt International Airport in Rivers State.

 “The second memorandum is for the fencing and perimeter road of Portharcourt International Airport.

“This project was abandoned since 2011 and in response to the philosophy of President Muhamamdu Buhari to complete all abandoned and on-going projects, this safety and security critical item, we thought in our wisdom needs to be completed,” he added.


Sammie Idika