FEC approves resumption of FCDA Land Swap Initiative to address infrastructure deficit

The Federal Executive Council (FEC) has approved the resumption of the Federal Capital Development Authority (FCDA) land Swap Initiative infrastructure deficit in the Federal Capital Territory (FCT).

The Minister of the Federal Capital Territory (FCT), Malam Muhammed Bello, made this known at the end of the council meeting presided by President Muhammadu Buhari on Wednesday at the presidential , Abuja.

According to the minister, the land swap initiative was started by the previous FCT administration before it was suspended.

The News Agency of (NAN) reports the initiative whose worth was put at about one trillion naira under the previous dispensation was designed to remedy the infrastructure deficit in the FCT by swapping land with private investors who would in turn provide necessary infrastructure.

Bello revealed the resumption of the initiative followed a memo he presented to the council, adding some amendments were made to the original form of the initiative by establishing a legal framework to protect all parties

The minister said: “Today at the Federal Executive Council meeting I presented a memo and an update on the FCT Land Infrastructures Swap Initiative to the Federal Executive Council.

“And after a lot of deliberations, the Federal Executive Council approved the FCDA Land Infrastructure Swap Initiative which is popularly known as Land Swap which was commenced sometimes ago by previous FCT administration.

“After a review of what has transpired the years and also the changes made, the federal executive council approved we now should continue with the land swap initiative on the basis of amendments to the procedures as well as new safeguards introduced so investors, FCT (the ) as well as up-takers would be protected.’’

He expressed the hope that the initiative would reduce the overall housing deficit within the FCT. (NAN)