FEC Approves $1.5bn, $80m World Bank, AfDB Loans

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the Federal Executive Council (FEC) at its meeting on Monday approved the application for financing from the World Bank’s International Development Association (IDA).

Mr Edun disclosed this to State House Correspondents after the meeting in Abuja.

He said the country was able to access $1.5 billion from the IDA, which is the virtually free or zero-interest lending arm or financing arm of the World Bank.

‘’Nigeria has been able to make the kind of macro-economic moves to take the tough decisions to restore balance in the economy in the government’s finances that have warranted support.

“This had engendered support from the multilateral development banks.

‘’It is on this basis that the World Bank is willing to consider and to process on our behalf $1.5 billion of concessional financing, relatively cheap financing and financing that will be dispersed relatively quickly,’’ he said.

Mr Edun said that another $80 million in financing from the African Development Bank was approved by the FEC for the Ekiti Knowledge Zone (EKZ) project aimed at empowering the youth in the sector of Knowledge Economy through technology and communications.

He said, ‘’This is basically to support young people and their quest to take on technology to use it to be employed to be trained and to benefit from being part of the knowledge economy.

“This is being part of the technological wave that is present very much in Nigeria, which is becoming a bigger and bigger share of the economy.’’

The Minister of Information and National Orientation, Mohammed Idris, said the meeting took up the issues of the economy and the agreement reached between the government and the labour unions early this month to avert an industrial action.

He said the issues were significant to the current realities and expectations of Nigerians on the Tinubu-led administration, adding that it was also hinged on the Renewed Hope Agenda.

‘’The issues raised at the meeting include economy, road infrastructure around the country, a memo about the agreement reached between the government and the labour unions, as well as the export processing zone revitalisation,’’ he said.

Mr Idris also disclosed that the meeting approved Mondays for the holding of the weekly FEC meeting instead of the Wednesdays adopted by the previous administrations.

‘’This does not, however, mean that it will hold every week. If there is any need to postpone it, that will be done and pending matters will be forwarded to the next Monday,’’ he said.

Also speaking the Minister of Labour and Employment, Simon Lalong, said that FEC gave approval for the agreement between labour and the government during the 2 October meeting.

‘’Presidential approval was given after analysing the agreement to provide for industrial harmony. Similarly, the 30-day implementation timeline agreed on was also approved by FEC,’’ he said.