By Harry Awurumibe, Editor Abuja Bureau
The Federal Executive Council (FEC) has approved the new Policy Memorandum to seek better enforcement of the Financial Regulations of Government, especially the revised 2009 regulations with regards to valuation process for plants, equipment, land, property and machinery, and also how the sale off when they reach the end of life.
This was made public on Wednesday in Abuja by Minister of Works and Housing, Babatunde Raji Fashola (SAN) while briefing State House Correspondents after the weekly FEC meeting at Presidential Villa, Abuja.
According to Fashola: “Ministry of Works and Housing presented a policy memorandum. The purpose of the policy memorandum was to seek better enforcement of the financial regulations of government, especially the revise 2009 regulations with regards to valuation process for plants, equipment, land, property and machinery, and also how the schools off when they reach the end of life.
“This Policy is premised against the context of the Executive Order 11 that enthrones maintenance, as a conscious government policy. And we think because of that,Government assets should last longer than the life cycle usually prescribed in the existing financial regulations, such as four years and nine years for other class of machineries.
“The other context behind the policy was also in order to help government manage expenditure in the face of revenue challenges on certain items of governance, on which government can spend less if, as a result of policies, government take certain actions.
….FEC approves indigenizing vaccine production in Nigeria
Also, the Minister of Dr. Osagie Ehanire has revealed that the Federal Executive Council (FEC) has given consideration to a memorandum from the Ministry of Health which has to do with the first stage in indigenizing vaccine production in Nigeria.
He also said the government is talking first of all the routine vaccines, the one to call the standard programme on immunization but not Corona Virus (COVID-19) vaccine.
Briefing State House Correspondents after the weekly FEC meeting at Presidential Villa, Abuja on Wednesday, disclosed that approval has been given to Bio Vaccine Nigeria Limited to build their manufacturing plant in Ota, Ogun state, Nigeria.
According to him that arrangement has now been approved by the FEC for Bio Vaccine Nigeria to have 15 percent of the market share, which will be used for contract manufacturing of those vaccines as an initial step over the next few years when the plant in Nigeria starts to work.
