FEC Approves N21bn For National Theatre Renovation

'Dotun Akintomide
Writer

Ad

Gasoline Prices Drop Toward Pandemic-Era Lows

The national average price of gasoline dropped below $3 a gallon over the weekend. GasBuddy has predicted that prices will go even lower in the coming weeks, with good prospects of motorists enjoying sub-$3 prices for extended periods. This drop is overwhelmingly being driven by the significant increase in oil production from OPEC throughout 2025.…

We’ve Paid Over N58b Bridging Claims To Oil Marketers – NMDPRA

Alleged Christian Genocide Claim is Damaging Nigeria’s Image– Tuggar Laments

By Abiola Olawale Minister of Foreign Affairs, Yusuf Tuggar, has voiced concern over what he described as the damaging impact of the "Christian genocide" narrative on Nigeria's international image. This is as the Minister claimed that the country's complex security challenges are being falsely simplified as religious persecution. Speaking at the Reuters NEXT Gulf Summit…

(Full List) Salah, Osimhen Nominated as CAF Unveils Nominees for 2025 African Male Player of the Year

By Abiola Olawale The Confederation of African Football (CAF) has officially released the much-anticipated shortlist for the 2025 African Men's Player of the Year award. Headlining the prestigious 10-man list are two of the continent's most electrifying stars: Egypt's Mohamed Salah (Liverpool) and Nigeria's Victor Osimhen (Galatasaray, on loan from Napoli). ​The release of the…

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

X whatsapp