FEC Approves $1.5 Billion World Bank Loan, $80 Million AfDB Loan

The Federal Executive Council (FEC) of Nigeria, in its second meeting since President Tinubu’s inauguration on May 29, has approved two substantial loans aimed at bolstering the country’s economic position.

The FEC meeting, which convened following the swearing-in of three new ministers – Jamila Bio Ibrahim, Balarabe Abbas, and Ayodele Olawande – saw the approval of a $1.5 billion loan from the World Bank and an additional $80 million loan from the African Development Bank (AfDB). The decision to seek these loans was elaborated on by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

Minister Wale Edun emphasized that these loans are intended to enhance Nigeria’s financial stability. In his remarks to the press following the Executive Council meeting, he underscored the affordability and consensus surrounding this decision, making it a favorable choice for the country.

Aliyu Bagudu, the Minister of Budget and National Planning, also announced that the FEC had directed the timely submission of the 2024 budget proposal, with a deadline set for December of this year.

Furthermore, other ministers, such as Doris Uzoka-Anite (Trade), Simon Lalong (Labour), and Dave Umahi (Works), shared updates on decisions relevant to their respective ministries, further highlighting the government’s commitment to a comprehensive approach to economic development.

In a notable procedural change, the Federal Executive Council formally voted to shift its weekly meetings from the traditional Wednesdays to Mondays, signaling an adjustment in the governing structure.