The council also approved provisional licences for the establishment of five new private universities in different parts of the country as government seeks to close the gap between the number of universities and prospective students in the country.
Explaining the decisions of the council to State House correspondents, the Minister of Information, Labaran Maku,
who was joined by the Minister of Education, Professor Ruqayyatu Rufai and the Minister of State for Trade and Investment, Dr Sam Ortom, said the loan would be sourced from the Urban Development Bank.
“Today, FEC approved the disbursement of N15 billion which will go into public mass transit revolving loan programme which the president floated on January 8 as part of efforts to reduce the cost of transport especially for the masses,” he said.
The minister said the beneficiaries would have a two months moratorium before the commencement of the repayment of the loan over five years.
The minister, who reiterated ongoing efforts to revive rail and water transportation systems in the country, noted that in the next couple of years, government would only patronise vehicle manufacturers who are prepared to set up shops in Nigeria to complement the provision of jobs and transfer of technology.
In approving five new private universities, the minister said FEC took into consideration the fact that Nigeria was underserved by the existing number of universities.
Maku explained that even though private universities in the country were already doing well, the latest licences would be reviewed after three years to ensure that the beneficiaries complied with required standards in terms of infrastructure development and academic contents.
