The Federal Executive Council (FEC) has approved financing arrangements worth approximately ₦4.34 trillion for key sectors of the economy, including transportation, agriculture, power, infrastructure and micro, small and medium-sized enterprises (MSMEs), as part of efforts to stimulate economic growth and improve public services.
The approvals were granted during the FEC meeting chaired by President Bola Tinubu at the Presidential Villa, Abuja, on Monday. Briefing State House correspondents after the meeting, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the financing packages were drawn from 14 memoranda presented by the Ministry of Finance and grouped into five strategic priority areas.
According to the minister, the transport sector received approval for ₦215 billion to complete investments under the Presidential Compressed Natural Gas (CNG) Initiative. The funds will support the procurement of CNG-powered buses, electric vehicles, tricycles, and the establishment of vehicle conversion centres aimed at reducing transportation costs for Nigerians.
In the agriculture sector, FEC approved financing arrangements totalling $900 million to support Special Agro-Industrial Processing Zones (SAPZ), rural technical and vocational education, and agricultural value-chain development to enhance food production and strengthen rural economies.
The council also approved a $160 million financing facility for solar power projects in Niger State. The facility comprises $150 million from the Islamic Development Bank and a $10 million counterpart contribution from the Niger State Government to expand access to renewable energy.
Other approvals include financing for infrastructure development and increased access to credit for MSMEs, which the Federal Government said are expected to boost economic productivity, create jobs and support inclusive growth across the country. Overall, the financing package amounts to about $2.96 billion, €200 million and ₦215 billion, equivalent to roughly ₦4.34 trillion at prevailing exchange rates.
The Federal Government said the investments align with its broader economic reform agenda, which prioritises infrastructure development, food security, energy access and private sector growth as key drivers of sustainable economic development.
