The Federal Executive Council has approved a $300 million World Bank credit to support internally displaced persons and host communities across several northern states.
Finance minister Wale Edun disclosed this while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.
Mr Edun said the council also approved two additional credit facilities — $50 million from the African Development Bank and $46 million from the Islamic Development Bank for the Sokoto Health Infrastructure Project.
Mr Edun added that the Sokoto government would provide counterpart funding for the health initiative.
“The approvals are for a World Bank credit of $300 million for IDPs and host communities, and $96 million combined from AfDB and IsDB for the Sokoto Health Infrastructure Project,” he said.
The minister said Mr Tinubu also directed him to brief the council on the state of the economy, highlighting positive indicators of recovery and investor confidence.
“As of the second quarter, the economy was on a solid growth trajectory, with GDP growth accelerating to over 4.2 per cent. Inflation has come down to 18 percent, reserves are rising, and the exchange rate has stabilized,” Mr Edun said.
He stated that government reforms had improved market efficiency and reduced the cost of living.
“People are now spending about 50 percent of their income on essentials like food, health, and transport compared to 90 percent before. Affordability is improving,” he said.
Mr Edun also cited Nigeria’s recent removal from the Financial Action Task Force (FATF) grey list as a milestone achievement.
“We are now back in the mainstream of global best practices in anti-money laundering and counter-terrorism financing. This enhances investor confidence, lowers transaction costs, and attracts capital,” he said.
The minister said the successful $2 billion Eurobond issuance further demonstrated market confidence in Nigeria’s reforms.
“In spite of the recent political headwinds, investors responded positively. We received bids of $13 billion for our $2 billion Eurobond — a resounding vote of confidence,” Mr Edun stated.
He said the administration’s economic diplomacy efforts were yielding tangible investor interest, particularly in the aviation, energy, and infrastructure sectors.
“Nigeria is increasingly seen as a stable and attractive investment destination. The world is taking notice,” he added.
Mr Edun also highlighted progress in Nigeria’s digital identification system, noting that the National Identity Management Commission had issued National Identification Numbers to 125 million Nigerians.
“This capacity allows the government to directly reach and support vulnerable citizens through targeted cash transfers and social interventions,” he said.
The minister said these institutional reforms had strengthened Nigeria’s resilience and positioned the country for sustainable, inclusive growth.
(NAN)
Discussion about this post