FEC endorses £500m credit for Bank of Industry

Temitope Adeoluwa

The Federal Executive Council on Wednesday approved that 500 million Euro loan be sourced for the Bank of Industry from external creditors.

This was disclosed by the Minister of State Finance, Clement Agba, at the end of FEC the meeting presided over by President Muhammadu at the Presidential Villa, Abuja.

According to him, the loan is to support industrialisation and agriculture, which will create up to 1.2 million new jobs.

“The credit guarantee is for up to five years and the Federal Government is the guarantor of the loan,” he stated.

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, also informed State House correspondents that the council approved a Justice Sector Policy for the country essentially to reform the sector by simplifying access to justice.

The policy, he said, would ensure “speedy determination of justice”, “quality of justice” and “access to justice.”

He said the council also approved a memo seeking to repeal the Geneva Convention and re-enact it to “accord greater access to justice by prisoners of war.”

According to him, Nigeria was lagging behind the rest of the world in terms of certain rights and privileges for prisoners of war