The Federal Executive Council (FEC) has approved a contract for the construction of a new office block and parking lot worth over N14.8billion for the Federal Inland Revenue Service (FIRS).

This was part of the resolutions reached the council meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja on Wednesday.

According to the Minister of State for Budget and National Planning, Clement Agba, who briefed correspondents on the memorandum he presented for the council’s consideration, when completed, the office complex, which is to be located on 17b Awolowo Road, Lagos, will save the service about N4 billion that it usually pays on rented property.

He revealed that the 12-storey building will also alleviate the traffic problems that the old FIRS office causes in the area.

The FEC also approved the creation of a database of national capital projects Information System to track abandoned and uncompleted projects across the country.

Agba said the system, which will be headed by the Minister of Finance, will prioritize and fund selected projects on a yearly basis while also leaving open the possibility of privatizing some of the projects, repurposing some for alternative use or completely abandoning others.

He said any decision on the identified projects will be determined by the outcome of investigations.

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