By Johnbosco Agbakwuru
The Federal Executive Council, FEC, on Thursday approved two major external loan facilities totalling $396 million to support critical humanitarian and health projects in Nigeria’s northern region.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this while briefing State House correspondents at the end of the Council meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.
He said the first facility is a $300 million World Bank credit to support internally displaced persons (IDPs) and host communities across several states in northern Nigeria.
The second approval is for a combined $96 million credit from the Islamic Development Bank (IsDB) and the African Development Bank (AfDB), with $50 million and $46 million, respectively, allocated for the Sokoto Health Infrastructure Project. The Sokoto State Government will also contribute counterpart funding.
“The $300 million World Bank credit is for internally displaced and host communities in various states in the North. The second approval is for the credit from the Islamic Development Bank and the African Development Bank for a total of $96 million to fund the Sokoto Health Infrastructure Project”, Edun explained.
The minister described the projects as critical to President Tinubu’s Renewed Hope Agenda, which aims to address regional disparities, improve access to healthcare, and rebuild communities affected by conflict and displacement.
Edun also briefed the Council on the state of the economy, noting that the latest data show a strong turnaround driven by reforms in the fiscal and monetary sectors.
He attributed the recovery to the correction of market distortions, exchange rate stabilization, and improved investor confidence.
According to him, critical consumer spending indicators suggest that Nigerians are spending less of their income on essentials, such as food, health, and transportation, than they did before.
“People are now spending about 50 percent of their income on basic needs compared to 90 percent before. There is more affordability, and the cost of living is inching downwards,” the minister noted.
He also cited Nigeria’s digital identity milestone as a tool for efficient social investment delivery, revealing that the National Identity Management Commission (NIMC) has now issued National Identification Numbers (NINs) to 125 million Nigerians.
“This gives the President and government the flexibility to directly reach and support citizens when needed, using verified biometric and digital systems,” Edun explained.
He reaffirmed that the government’s reform programme is positioning Nigeria as “a stable and attractive investment destination,” noting growing international interest in multiple sectors, including aviation and infrastructure.
“The world is interested in good investments, and Nigeria is now proving to be a stable and attractive climate for such investors,” the minister stated.
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