The Federal Executive Council, FEC, on Wednesday approved the resumption of the Federal Capital Development Authority, FCDA, land swap initiative which was started during the Goodluck Jonathan’s administration.
Minister of the Federal Capital Territory, FCT, Mohammed Bello, disclosed this while briefing State House correspondents at the end of the council meeting presided over by President Muhammadu Buhari at the First Lady’s Conference Room, presidential villa, Abuja.
The initiative worth about N1 trillion under the previous dispensation was designed to remedy the infrastructure deficit in the FCT by swapping land with private investors who would in turn provide the necessary infrastructure.
The minister said FEC approved the resumption following a memo he presented to the council.
He said some amendments were made to the original form of the initiative by establishing a legal framework to protect all parties.