The Federal Executive Council (FEC) Thursday approved $396 million loan to support critical humanitarian and health projects in Nigeria’s northern region.
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said this while briefing State House correspondents at the end of the council meeting chaired by President Bola Ahmed Tinubu at the Council Chambers of the Presidential Villa in 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.
He said second approval is for a combined $96 million credit from the Islamic Development Bank (IsDB) and the African Development Bank (AfDB); $50 million and $46 million respectively, for the Sokoto Health Infrastructure Project, to which 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,” he said.
The minister said the projects are critical to President Tinubu’s Renewed Hope Agenda aimed at addressing regional disparities, improving access to healthcare and rebuilding communities affected by conflict and displacement.
The minister briefed the Council on the state of the economy, stressing that the latest data show a strong turnaround driven by reforms in the fiscal and monetary sectors.
“As at the second quarter, the economy was well and truly turned around in terms of growth. Growth was accelerating — over 4.2 percent — while inflation was down to 18 percent,” he said.
He attributed the recovery to the correction of market distortions, exchange rate stabilization, and improved investor confidence.
He said critical consumer spending indicators show that Nigerians are spending less of their income on essentials such as food, health, and transport than 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,” he said.
The minister highlighted Nigeria’s recent delisting from the Financial Action Task Force (FATF) grey list, describing it as a “major institutional achievement” that restores Nigeria’s standing in the global financial community and lowers the cost of cross-border transactions.
He said the milestone, combined with the recent oversubscription of Nigeria’s $2.35 billion Eurobond offer, which attracted $13 billion in bids, reflects global confidence in the Tinubu administration’s economic reforms.
“Despite recent political headwinds, investors focused on the fundamentals of the Nigerian economy. We were prudent in our borrowing, not exceeding what was approved or budgeted. The oversubscription shows a resounding vote of confidence in Nigeria,” he said.
The minister 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,” he said.
The Minister of Arts, Culture, Tourism and the Creative Economy, Hannatu Musawa, said the council also approved the establishment of a Presidential Task Force on “Detty December,” a new federal government initiative at position Nigeria as a leading global destination for end-of-year tourism and entertainment festivals.
She said the Task Force would coordinate federal ministries, departments and agencies to support Lagos State and other participating states in delivering world-class festival experiences during the “Detty December” period, the popular month-long season of music, arts and cultural celebrations.
“We have asked the President to establish a Presidential Task Force on Detty December that will allow all the different interdependencies — aviation, interior, power, and others — to provide the international community with a true destination for Detty December. It will also enable the federal government to support Lagos State and other hosts in maximizing the season’s economic and tourism potential,” she said.
She said the initiative would serve as a catalyst for the creative and tourism industries, attracting private sector investment and branding Nigeria as a global cultural hub.
