The Federal Executive Council (FEC) has approved the resumption of the Federal Capital Development Authority (FCDA) land swap initiative.
The Minister of the Federal Capital Territory (FCT) Mohammed Bello, made the disclosure after the Federal Executive Council meeting presided over by President Muhammadu Buhari at the State House, on Wednesday
The initiative which was launched under the previous administration and worth about N1 trillion, was primarily to fix the infrastructure deficit in the Federal Capital Territory by swapping land with private investors, who would, in turn, provide the necessary infrastructure.
The minister affirms that the council approved the resumption of the initiative following a memo he presented at the FEC meeting.
He said some amendments were made to the original form of the initiative by establishing a legal framework to protect all parties concerned.