According to Mr Babatunde Fashola, the N700m is for the completion of the stalled federal secretariats in six states.
The approval, which was given after the FEC meeting on Wednesday, October 12, is to complete the ongoing construction of federal secretariats in six states - Anambra, Bayelsa, Zamfara, Nassarawa, Gombe and Osun.
It was learnt that the completion of the secretariats has been stalled since 2012.
Speaking to newsmen, Minister of power, works and housing, Babatunde Fashola, said the projects are at various levels of completion.
He said there was a change in costs and the need for additional allocation to the change in designs.
"The approved cost variation has already been captured in the 2016 budget. With the approval of the variation, we can re-mobilise workers back to site," Fashola said.
The Minister disclosed that the council also approved the completion of the 10MW farm project in Katsina state.
He said the original contractor of the project, who was kidnapped, abandoned it and left the country after his rescue.
"Between then and now, some of the equipment have gone bad,” Fashola said.
He added that, with the approval, additional cost that arose from the incident will be provided.