FEC approves construction of Lagos-PH road, social security payments to vulnerable Nigerians

In addition, the FEC approved the “urgent” establishment of
the consumer credit scheme.

The council directed Femi Gbajabiamila, chief of staff to
the president, to lead a committee to make the scheme a reality.

Other officials appointed to the panel include Abubakar
Atiku Bagudu, the minister of budget and economic planning; Lateef Fagbemi,
attorney-general of the federation; as well as Wale Edun, minister of finance
and coordinating minister of the economy.

The FEC approval of the consumer credit scheme comes amid
serious economic hardship caused by a series of policies recently implemented
by the federal government in efforts to restore stability in the nation’s
foreign exchange (FX) market and the general economy.

Aderemi Abdul-Bojela, executive chairman of United
Technologies Limited, had said the development of a consumer credit scheme
would drive growth in Nigeria’s manufacturing sector and improve its
contribution to the country’s gross domestic product (GDP) by boosting
patronage of locally-made goods.