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The Federal Executive Council (FEC) has approved the resumption of the Federal Capital Development Authority (FCDA) land swap plan.
Minister of the Federal Capital Territory (FCT), Mohammed Bello, disclosed this to State House Correspondents at the end of the week’s virtual Council meeting, presided over by President Muhammadu Buhari on Wednesday at the Presidential Villa, Abuja.
The initiative, which worth was put at about N1 trillion under the previous dispensation, was designed to remedy the infrastructure deficit in the federal capital by swapping land with private investors who would in turn provide 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.