Toba Owojaiye reporting
The Federal Executive Council (FEC) of Nigeria, during its second meeting under President Tinubu’s administration since May 29, has given the green light to two significant loans to bolster the nation’s economic stability.
The FEC meeting followed the swearing-in of three new ministers and marked a pivotal decision to secure a $1.5 billion loan from the World Bank and an additional $80 million loan from the African Development Bank (AfDB).
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, elucidated that these loans aim to strengthen Nigeria’s financial position. He emphasized their affordability and the widespread consensus behind the decision.
Minister Aliyu Bagudu of Budget and National Planning announced that the FEC had instructed the prompt submission of the 2024 budget proposal, setting a deadline for December this year.
Other ministers, including Doris Uzoka-Anite (Trade), Simon Lalong (Labour), and Dave Umahi (Works), provided updates on decisions pertinent to their ministries, underscoring the government’s comprehensive approach to economic development.
In a notable shift, the Federal Executive Council formally decided to move its weekly meetings from Wednesdays to Mondays, signaling a governance adjustment.
These financial decisions and the change in the FEC’s meeting day underscore the government’s commitment to addressing economic challenges and fostering a sustainable and prosperous future for Nigeria.
Furthermore, it’s essential to recognize the significant impact the World Bank and AfDB have had in Nigeria through their involvement in numerous crucial projects, including Power Sector Reform, Agricultural Transformation Agenda Support Program, Transport Sector Support Program, Youth Employment and Skills Development Program, Water Supply and Sanitation Sector Reform Program, Educational Support Program, Health Sector Support Program, Private Sector Development and Job Creation, and Urban Development and Housing Projects.
These initiatives have played a pivotal role in advancing various sectors of the country’s economy and infrastructure.