FEC Approves N21bn For National Theatre Renovation

'Dotun Akintomide
Writer

Ad

$4.5bn: Court Admits More Evidence Against Emefiele

Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, on October 9,2025, admitted more evidence against a former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, in an alleged $4.5bn fraud. Emefiele is standing trial on a 19-count charge bordering on receiving gratification and corrupt demand preferred against him by…

NEITI Warns of Deepening Transparency Crisis, Says Nigeria Lost $3.3bn to Oil theft, Sabotage

By Obinna Uballa Nigeria lost an estimated 13.5 million barrels of crude oil valued at $3.3 billion to theft and pipeline sabotage between 2023 and 2024, the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed. Executive Secretary of NEITI, Dr. Ogbonnaya Orji, disclosed this on Thursday at the 2025 Association of Energy Correspondents of Nigeria…

Oil Eases over 1.5% after Gaza ceasefire

Summary Israel and Hamas agree to Gaza ceasefire, return of hostages US oil product supplied highest since December 2022, EIA says Stalled peace talks in Ukraine underpin prices Oil prices edged slightly lower on Thursday after Israel and the Palestinian militant group Hamas signed an agreement to cease fire in Gaza. Brent crude futures were…

Ad

From Segun Amure, (The New Diplomat’s Abuja Bureau)

The Federal Executive Council (FEC) on Wednesday approved a memorandum of understanding (MoU) between the Central Bank of Nigeria (CBN), and the ministry of Information and Culture for the renovation of the National Theatre in Iganmu, Lagos.

 

 

The National Theatre is to be renovated with N21 billion to be provided by the CBN.

The Minister of Information and Culture, Lai Mohammed said the approval for the renovation marks a landmark development in the creative sector as it has paved the way for more investment in the sector.

Mohammed said: “I sought and obtained an approval to execute a memorandum of understanding between the Federal Ministry of Information, the Central Bank of Nigeria (CBN) and the Bankers Committee worth N21 billion for the renovation of the National Theatre Iganmu, Lagos,” he said.

“This is a landmark approval because it has paved the way for investment in the creative industry as part of the resolve of this government to create at least 1, 000, 000 jobs in the next three years from the creative industry.

“The CBN through the Bankers Committee is willing to invest N21, 894, 000, 000 to renovate the National Theatre, refurbish it and run it profitably.”

“However, the Memorandum of Understanding is expected to last for a period of 21 years after which it will revert back to government.”

Lai Mohammed emphasized no job will be lost after the national theatre is renovated, adding that the “brand new national theatre, an event centre” will instead create more jobs.

FEC also approved N9.43 billion to complete the Digital Switch Over (DSO) in broadcasting; N8.98 billion for a new national ICT park in the Federal Capital Territory (FCT) to coordinate public and private ICT hubs in Nigeria.

The council also approved a new national policy on aging which would take care of the needs of the aged people across Nigeria. In addition, FEC approved the ministry of water resources memo to construct Damaturu water supply project in Yobe state worth N8.43 billion.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp