FG Approves Loans to Bolster Financial Position

By Admin

The federal government has granted approval for two loans during the Federal Executive Council (FEC) meeting held on Monday.

The first loan, totaling $1.5 billion, has been secured from the World Bank, while the second, amounting to $80 million, is from the African Development Bank (AfDB).

Minister of Finance and Coordinating Minister of the Economy, Mr.

This FEC meeting, marking the second since President Tinubu’s inauguration on May 29, was accompanied by the swearing-in of three new ministers: Jamila Bio Ibrahim, Balarabe Abbas, and Ayodele Olawande.

Mr. Edun stressed the vital importance of borrowing from these financial institutions to enhance Nigeria’s financial position. Aliyu Bagudu, the Minister of Budget and National Planning, made an announcement during the meeting, revealing that the FEC had mandated the timely submission of the 2024 budget proposal by December this year.

Additionally, the FEC decided to change its weekly meeting schedule from the traditional Wednesday to Mondays, signifying a shift in their approach to governance.

These loans represent a step forward for Nigeria as it aims to strengthen its economic position and ensure sustainable development in the face of numerous challenges.