FEC authorizes $1.5 billion loans from the World Bank and the AfDB
At its meeting on Monday, the Federal Executive Council (FEC) approved the proposal for financing from the World Bank’s International Development Association (IDA), according to Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
Following the meeting in Abuja, Mr. Edun told State House Correspondents of this. According to him, the nation was able to obtain $1.5 billion from the World Bank’s almost free or zero-interest International Development Association (IDA).
”Nigeria has demonstrated the ability to implement the kind of macroeconomic policies that call for the kind of difficult choices that are necessary to bring the economy’s balance and the government’s finances back into line.
The help of the multilateral development banks had resulted from this.
“The World Bank is prepared to examine and handle $1.5 billion in concessional financing, which is reasonably priced and will be distributed in a timely manner, on our behalf,” he stated.
According to Mr. Edun, the FEC has approved an additional $80 million in funding from the African Development Bank for the Ekiti Knowledge Zone (EKZ) initiative, which aims to empower young people in the knowledge economy through the use of technology and communications in general.
“This is basically to support young people and their quest to embrace technology in order to use it for training, employment, and to reap the benefits of being a part of the knowledge economy,” he stated.This is a component of the technological revolution that is permeating Nigeria and accounting for an increasing portion of the country’s GDP.
The economic concerns and the deal negotiated between the government and labor unions early this month to prevent an industrial action were discussed at the meeting, according to Mohammed Idris, Minister of Information and National Orientation.
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He stated that the problems were important to Nigerians’ expectations of the Tinubu-led government and their current reality, and that they also depended on the renewed hope agenda.
“The economy, nationwide road infrastructure, a memo regarding the agreement reached between the government and the labor unions, as well as the revitalisation of the export processing zone, are among the issues raised at the meeting,” he said.
Additionally, Mr. Idris revealed that Mondays were chosen at the meeting to host the weekly FEC meeting rather than the Wednesdays that the previous administrations had chosen.
However, this does not imply that it will take place each week. Should a postponement be necessary, it will be done so and all outstanding issues will be carried over to the following Monday, the speaker stated.
Simon Lalong, the Minister of Labor and Employment, also spoke during the meeting on October 2, stating that the FEC had approved the deal between labor and the government.
After analyzing the agreement to ensure industrial harmony, the president approved it. In a same vein, the FEC authorized the agreed-upon 30-day implementation schedule, he added.
(NAN)
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