The Federal Executive Council (FEC) has approved two major external loan facilities totaling $396 million to support humanitarian and health interventions in northern Nigeria.
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Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this while briefing State House correspondents after Thursday’s FEC meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.
According to Edun, the first facility is a $300 million World Bank credit to assist internally displaced persons (IDPs) and host communities across several northern states.
The second approval, he said, is a combined $96 million credit from the Islamic Development Bank (IsDB) and the African Development Bank (AfDB) $50 million and $46 million, respectively for the Sokoto Health Infrastructure Project, with the Sokoto State Government providing counterpart funding.
“The $300 million World Bank credit is for internally displaced and host communities in various states in the North. The second approval is for a total of $96 million from the Islamic Development Bank and the African Development Bank to fund the Sokoto Health Infrastructure Project,” Edun explained.
He described both projects as crucial to President Tinubu’s Renewed Hope Agenda, aimed at addressing regional disparities, expanding healthcare access, and rebuilding communities affected by conflict and displacement.
Edun also briefed the Council on the nation’s economic outlook, highlighting signs of recovery driven by fiscal and monetary reforms, exchange rate stabilization, and renewed investor confidence.
He stated that consumer data indicates an improvement in affordability, with Nigerians spending less on essentials than before.
“People are now spending about 50 percent of their income on basic needs compared to 90 percent before. There is more affordability, and the cost of living is inching downwards,” he said.
The minister further revealed that the National Identity Management Commission (NIMC) has issued National Identification Numbers (NINs) to 125 million Nigerians, enhancing the government’s ability to deliver targeted social investments through verified biometric systems.
Edun reaffirmed that the ongoing reforms are positioning Nigeria as “a stable and attractive investment destination,” adding that international investors are increasingly showing interest in sectors such as aviation and infrastructure.
“The world is interested in good investments, and Nigeria is now proving to be a stable and attractive climate for such investors,” he said.
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