In the second Federal Executive Council (FEC) meeting, the spotlight turned to economic matters as the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, revealed that President Bola Tinubu’s administration had successfully secured a $1.5 billion zero-interest loan from the World Bank.
Mr. Edun shared this development with State House Correspondents following the FEC meeting in Abuja on Monday.
FEC greenlights $1.5 billion loan
According to Mr. Edun, the FEC meeting granted approval for financing from the World Bank’s International Development Association (IDA).
Nigeria, under the current administration, was able to access $1.5 billion from IDA, the arm of the World Bank that specializes in virtually free or zero-interest lending.
He highlighted that Nigeria’s proactive macroeconomic decisions to restore economic stability and fiscal balance had garnered the support of multilateral development banks, leading to the World Bank’s willingness to process $1.5 billion in concessional financing.
This financing is not only relatively inexpensive but also swiftly disbursed. The FEC approved another $80 million in financing from the African Development Bank for the Ekiti Knowledge Zone (EKZ) project.
This initiative is aimed at empowering young individuals in the field of Knowledge Economy through technology and communications, offering them opportunities for employment, training, and involvement in the knowledge economy.
Minister Simon Lalong, responsible for Labour and Employment, also shared that the FEC had granted approval for the agreement between labor unions and the government, which was established during the October 2 meeting.
This agreement, analyzed and approved at the presidential level, is designed to promote industrial harmony. The 30-day implementation timeline, as agreed upon, was also officially endorsed by the FEC.