FG approves N1t for FCT land swap scheme

FEDERAL Government has approved N1 trillion for continuation of the Federal Capital Development Authority (FCDA) land-swap scheme.

  However, government has disclosed that it will not proceed wholly with land swap arrangement as it was pursued by previous administrations. Rather, amendments have been made to the original initiative. One of such changes is establishment of a legal framework to protect all parties involved.

  The approval was made during this week’s Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at First Lady’s Conference Room in Presidential Villa, Abuja, yesterday.

Disclosing this while briefing State House Correspondents after the meeting, Minister of FCT, Mohammed Bello added that the approval was based on a memo presented by him.

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