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•Urges MDAs, stakeholders to ensure compliance with presidential order 

•FG canvasses active participation of private sector in nation’s economic growth  

•Confirms Nigeria has offset $3.4bn COVID loan, unveils cultural monetisation plan

•Targets $100bn revenue from cultural, tourism assets by 2030, okays N1.2trn for roads, power, aviation projects

Deji Elumoye in Abuja

Following a directive by the Federal Executive Council (FEC) at its meeting, yesterday, the Bureau of Public Procurement has issued a new threshold on procurement of goods and services by Ministries, Departments and Agencies (MDAs).

Addressing newsmen after the Council meeting at the State House, Abuja, Information and National Orientation Minister, Mohammed Idris, disclosed that upon the approval by President Bola Tinubu, FEC directed the Bureau for Public Procurement to communicate the new threshold on procurement of goods and services.

He said: “You will agree with me that the threshold has been there for a very long time, and this is also contributing to the number of members that come to the Council for approval. So there is a new approval.

“Details will be communicated by the Bureau of Public Procurement. This will notify MDAs on the new threshold for project goods and services.”

The BPP, later yesterday evening, complied with the FEC directive via a statement issued by its Director General, Dr Adedokun Adebowale, in which it called on all Ministries, Departments, and Agencies (MDAs), as well as relevant stakeholders, to fully comply with the new Presidential Directives on public procurement, as approved by the Federal Executive Council (FEC) during its meeting held on Monday, May 5, 2025.

According to the release: “The newly approved ‘Nigeria First’ policy prioritises Nigerian industries and contractors in all public procurement activities and is a key component of President Bola Tinubu’s Renewed Hope Agenda.

“The BPP commends President Tinubu, and the Federal Executive Council (FEC) for this strategic policy initiative to enhance local industries’ capacity, competitiveness, and sustainability.

“In light of this development, the BPP urges all MDAs and procurement stakeholders to familiarise themselves with the policy details articulated by the Minister of Information and National Orientation, Alhaji Mohammed Idris, during the post-FEC briefing to the State House Press Corps.

“To ensure effective implementation, the BPP stands ready to engage with procurement officers and stakeholders to develop and operationalise a Local Content Compliance Framework. This will provide clear guidelines and support mechanisms for achieving compliance regarding the policy’s objectives.

“The standard Bidding Document is one of the newly revised 17 Standard Bidding Documents. In collaboration with our development partners, BPP is now training procurement officers and contractors on its use in the ongoing capacity-building programme in the six geopolitical zones.

“Furthermore, a comprehensive Guideline on Local Content Compliance will be issued. Relevant stakeholders will be invited to provide input to enrich the document and foster shared ownership of the implementation process.

“In addition, the BPP will brief the public to create awareness and build widespread support for the policy. These engagements will ensure clarity, transparency, and a broad-based understanding of the new requirements.

“A further Circular from the Secretary to the Government of the Federation (SGF) will be issued to reinforce the implementation mandate across all government institutions, providing additional policy direction and compliance expectations.

“The President directed that the Attorney-General of the Federation (AGF) should issue an Executive Order to give full legal backing and enforceability to the new policy directives, ensuring nationwide compliance and institutional reinforcement.

“Specifically, the BPP notes and reaffirms its commitment to executing the following Presidential Directives:

*Immediate revision and enforcement of procurement guidelines to prioritise locally made goods and indigenous solutions.

*Establishment of a Local Content Compliance Framework applicable to all federal government procurements.

*Create and maintain a register of high-quality Nigerian manufacturers and service providers regularly engaged by the government.

*The BPP, as the designated line agency, supervises the deployment and management of procurement officers in all MDAs without compromising operational efficiency.

“Accordingly, the BPP directs all MDAs to undertake the following actions with immediate effect:

*Ensure that locally available goods and services are prioritised in all procurement activities. Procurement of foreign goods or services must not proceed without justification and prior written waiver from the BPP. Where local options are unavailable, contracts must include provisions for technology transfer, local production, or skills development.

*Conduct an immediate audit of all current procurement plans and submit revised versions that align with the ‘Nigeria First’ policy.

*Strictly observe the directive that policy violations will attract sanctions, including cancellation of procurement processes and disciplinary actions against erring officers.

“The BPP congratulates all Nigerians on adopting this transformative policy, which is expected to create employment opportunities, stimulate domestic production, and foster sustainable national development.”

Information and National Orientation minister further stated that the federal government was desirous of including the private sector in the onerous task of growing the nation’s economy.

According to Idris, “Council has also taken note of the increased collaboration that government is desirous of doing with the private sector. And in that direction has directed all MDAs, especially the Ministry of Works and others that deal with critical infrastructure, to collaborate more with the private sector in terms of infrastructure development.

“What I’m trying to say is that the government is saying that there is an increasing need for people in the private sector to participate actively in our economic growth here as a nation.

“And therefore, wherever there are private sector players that can participate using their own funds, and we have seen an increased appetite among private sector players to come in and contribute their own quota towards the infrastructure development of the economy, especially in the area of roads construction.

“So, Council has directed that there must be this increased collaboration with the private sector players so that together the economy can grow.”

He also confirmed news making the rounds that Nigeria has paid up the $3.4billion COVID loan taken by the previous administration in 2020.

His words: “There is also an acknowledgement, and I’m sure you have seen that in the news in the last few days, the creativity of Mr. President and his acumen is brought to the fore, where Nigeria is able to exit the $3.4 billion COVID loan fund that was given by the IMF.

“Of course, I saw some cynicism in some quarters whether this is actually true or not. We can report that Nigeria has indeed exited from that debt and what that means is that we have paid that debt fully.

“Of course, this was taken during the COVID time before the coming of this administration. But, President Tinubu, as usual, has seen the government as a continuum. Therefore, he has directed that government will exit, and government has indeed exited that debt.

“Now, this has gone a long way to show investors, especially investors from outside this country, about the seriousness and the capacity of government to pay off loan one day. It has indeed increased our rating in the world over, and people are actually very happy. Nigeria is indeed much more responsible in terms of its debt obligation.”

Also briefing newsmen after the Council meeting,  Minister of Art, Culture, Tourism and Creative Economy, Hannatu Musawa, said Council had approved a bold new initiative to monetise Nigeria’s rich cultural and tourism assets.

According to her, the plan, developed in partnership with the Ministry of Finance Incorporated (MOFI), aims to create a new revenue stream while promoting national heritage.

She said, “For the first time in Nigeria’s history, a standalone ministry is tasked with unlocking the potential of the cultural, creative, and tourism sectors. We are looking to contribute $100 billion to Nigeria’s economy by 2030 by monetizing both tangible and intangible assets.

“Tangible assets include national museum collections, historical monuments, landmark buildings, and federally owned artworks. Intangible assets range from indigenous languages and oral traditions to cultural textiles like adire, culinary heritage such as Ijebu garri, and sacred landscapes and cultural festivals.”

Musawa emphasised that the strategy was focused on self-sustaining economic growth by leveraging existing resources without placing additional pressure on the national budget.

“This is about using what we already have to create wealth, identity, and pride. Our cultural capital is immense, and now we are putting in place the framework to monetize it responsibly,” she said.

The minister further explained that the initiative would unfold in four phases: assessment of available assets, valuation, strategy development for monetization, and implementation.

The asset verification process, she noted, has already been completed, paving the way for the next steps in collaboration with MOFI.

As part of the plan, the ministry also intends to generate at least two million jobs by 2027, particularly for youth and communities directly connected to cultural heritage.

“This is an exciting time for Nigerian identity. We’re building an economy rooted in our tradition, creativity, and talent,” Musawa further stated.

The Council also approved N1.202 trillion for critical national infrastructure projects in the works, power, and aviation sectors.

This package, announced after the Council’s meeting at the State House in Abuja, reflects President Bola Tinubu’s administration’s commitment to economic revitalisation through targeted capital investment.

Works Minister, Dave Umahi, said the Council’s approval of N175.08 billion for Section II of the East-West Road, from Port Harcourt to Ahoada, represented one of six inherited road projects reviewed under the current administration.

“This project was inherited. In 2009, it was awarded for N44.83bn but reviewed in 2014 for N93.41bn. Our administration reviewed it because of the floating of the naira and the petroleum subsidy removal in 2023,” he said

He explained that FEC added N30bn to an earlier revision to bring the final figure to N175.08 billion.

“We rescoped, repriced or split the projects into phases to match today’s fiscal climate,” he added.

In the energy sector, Minister of Power, Adebayo Adelabu,revealed multiple approvals exceeding N40 billion.

A major item was the approval to replace the preferred bidder for the 6-megawatt Ikere Gorge Hydro Power Plant concession in Iseyin, Oyo State.

“If I may take you back, the council, at its meeting of Wednesday, 27th March 2019 actually approved the concession of five small and medium hydro power plants under public-private partnership.

“However, the preferred bidder for the Ikere Gorge hydro power plant, Misuse Power Control and Appliances Limited, failed to accept the offer within the stipulated time frame, and for five years running, nothing has happened,” Adelabu said.

The government has now approved the reserved bidder, Quent Power Infrastructure Nigeria Limited, to take over the concession.

“We have carried out due diligence on this company, and we have also discussed with their technical partner. We have realized that they have all it takes to ensure that this hydro power plant in the Iseyin part of Oyo State is revamped and even improved to 15 to 20 megawatts,” Adelabu said.

He added that the approval includes a one-time concessional fee of about N291.6 million and an annual concession fee of N66.3 million.

“Apart from increasing revenue to the government, this will also improve power supply to the Oke-Ogun parts of Oyo State. We believe that the agriculture industry of that axis will also improve, as well as attracting more businesses into the area,” Adelabu noted.

Another power-related approval covered the construction and installation of a 2×60 MVA, 132/33 kV substation in Ibadan, Oyo State. The contract was awarded to Enitem Global Limited in the sum of $18.3 million and N9.9 billion, inclusive of 7.5% VAT.

A separate consultancy service contract for the substation was approved for Team Spirit Consult Limited at $1.4 million and N589 million, also including VAT. Both projects are to be completed within 24 months.

“This will ensure that power supply is strengthened and we also secure the national grid for effective power wheeling and improved service delivery for strategic investments that will address the power supply challenges, support economic development, and improve the quality of life for the residents,” the minister explained.

He stressed that the infrastructure would help stabilise supply to industrial areas and institutions, including Iwo Road, Manatan, and Iyana-Ofa, while supporting revitalisation of the Ayede 330kV substation and the proposed Asejire 330kV substation under the Siemens-led Presidential Power Initiative.

A third power sector approval concerned the procurement of three operational vehicles for the FGN Power Company, which manages the Siemens project.

While no cost was disclosed, Adelabu affirmed that this step would enhance project execution.

Briefing, too, the Minister of Aviation and Aerospace Development, Festus Keyamo, said FEC approved three major memos totaling N987 billion to modernize Nigeria’s aviation infrastructure and safety systems.

“First, Terminal B at the Nnamdi Azikiwe International Airport, Abuja, will be upgraded for N2,442,418,004.Second, the government will establish command and control centers at major airports at a cost of N2,924,907,002.69.”

He noted this will streamline emergency response, communications, and overall operational coordination.

“The third and most substantial aviation approval was for the procurement of critical navigation aids and spare parts, valued at $654.5 million plus N201 million. The equipment will be sourced from Indra of Norway.

“These approvals aim to modernise facilities and ensure safety by having readily available spare parts. This is especially important in reducing flight delays and maintaining global safety compliance,” Keyamo explained.