FEC approves continuation of N1trn FCT land swap scheme

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Federal Executive Council has okayed continuation of Federal Capital Development Authority land-swap scheme which started under the Goodluck Jonathan administration.

FCT Minister, Mohammed Bello, revealed this after Wednesday’s FEC meeting presided over by President, (retd.), held at First Lady’s conference room, presidential villa, Abuja.

According to him, the scheme valued at about N1 trillion under the previous administration established to address the deficit in the FCT by “swapping” parcels of land with private investors who would in turn set up basic within the city.

He added that the Council okayed the resumption after he presented a memo Wednesday.

However, the council not proceed wholly with the previous arrangement as amendments have been made to the original form of the , one of which is the establishment of a legal framework to protect all involved.