The Federal Executive Council (FEC) Thursday approved $396 million loan to support critical humanitarian and health projects in Nigeria’s northern region.
Minister of Finance and Coordinating Minister of the Economy Wale Edun announced this while briefing State House correspondents at the end of the council meeting, chaired by President Bola Ahmed Tinubu in Abuja.
He said the first facility is a $300 million World Bank credit to support internally displaced persons (IDPs) and host communities across several states in northern Nigeria.
He said second approval is for 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, to which the Sokoto state government will also contribute 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 the credit from the Islamic Development Bank and the African Development Bank for a total of $96 million to fund the Sokoto Health Infrastructure Project,” he said.
The minister said the projects were critical to President Tinubu’s Renewed Hope Agenda aimed at addressing regional disparities, improving access to healthcare and rebuilding communities affected by conflict and displacement.
…On the economy
The minister also briefed the council on the state of the economy, stating that the latest data showed a strong turnaround driven by reforms in the fiscal and monetary sectors.
“As at the second quarter, the economy was well and truly turned around in terms of growth. Growth was accelerating — over 4.2 percent — while inflation was down to 18 percent,” he said.
He attributed the recovery to the correction of market distortions, exchange rate stabilisation, and improved investor confidence.
Edun said critical consumer spending indicators showed that Nigerians were spending less of their income on essentials such as food, health, and transport 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.
“Despite recent political headwinds, investors focused on the fundamentals of the Nigerian economy. We were prudent in our borrowing, not exceeding what was approved or budgeted. The oversubscription shows a resounding vote of confidence in Nigeria,” he said.
On the next phase of Tinubu’s economic reforms, he said this would focus on removing barriers to investment, optimising national assets and stimulating productivity across key sectors to accelerate the attainment of seven per cent growth per annum by 2027.
According to him, the reforms would include tariff and import policy reviews, improved fiscal reporting, tighter expenditure controls and a detailed reassessment of federal and federating units’ balance sheets to ensure inclusive and sustainable growth.
“The next phase of reforms will remove barriers holding back investors. We will review tariffs and import restrictions to stimulate productivity and investment. A detailed review of the Federation and Federal Balance Sheets is underway to optimize asset management for inclusive growth,” he said.
He said the ministers overseeing infrastructure, mining, education, health, agriculture, blue economy, digital innovation and culture must work with state governments to package investment-ready projects capable of crowding in large-scale domestic and foreign capital.
He reaffirmed the Tinubu administration’s commitment to achieving a $1 trillion economy by 2030, saying that Nigeria must “accelerate output to 7% per annum growth by 2027, not just as an economic target but as a moral imperative to end poverty.”
Providing an update on key economic indicators, the minister said Nigeria’s GDP grew by 4.23% in Q2 2025, the highest in a decade outside the COVID rebound, with 13 sectors recording growth above 7%.
He added that the industrial sector nearly doubled its growth from 3.72% to 7.45%, reflecting strong investor confidence.
The minister also stated that inflation eased to 18% in December and external reserves topped $43 billion and trade surplus rose to ₦7.4 trillion, marking clear evidence of macroeconomic stability.
He said the recent $2.35 billion Eurobond issuance, which was oversubscribed by over $13 billion, demonstrated international confidence in Nigeria’s economic direction and in President Tinubu’s leadership, despite political headwinds.
“The market shrugged off those political considerations and focused on the economic fundamentals of Nigeria. The removal of Nigeria from the Financial Action Task Force (FATF) grey list and the IMF’s revised growth forecast were further proof that “global leaders commend our reforms and progress.”
“Every naira must be optimised to sustain momentum amid global liquidity constraints, where there is less coming from multilateral institutions, we have to depend on our own resources,” he said.
The minister also cited Nigeria’s digital identity milestone as a tool for efficient social investment delivery, revealing that the National Identity Management Commission (NIMC) has now issued National Identification Numbers (NINs) to 125 million Nigerians.
“This gives the president and government the flexibility to directly reach and support citizens when needed, using verified biometric and digital systems,” he said.
…Musawa on ‘Detty December’
The Minister of Arts, Culture, Tourism and the Creative Economy, Hannatu Musawa, said the council also approved the establishment of a Presidential Task Force on “Detty December,” a new federal government initiative to position Nigeria as a leading global destination for end-of-year tourism and entertainment festivals.
She said the Task Force would coordinate federal ministries, departments and agencies to support Lagos state and other participating states in delivering world-class festival experiences during the “Detty December” period, the popular month-long season of music, arts and cultural celebrations.
“We have asked the president to establish a Presidential Task Force on Detty December that will allow all the different interdependencies — aviation, interior, power, and others, to provide the international community with a true destination for Detty December. It will also enable the federal government to support Lagos state and other hosts in maximizing the season’s economic and tourism potential,” she said.
The minister said the initiative would serve as a catalyst for the creative and tourism industries, attracting private sector investment and branding Nigeria as a global cultural hub.
…Announces passing of Adangba, Ewuga
The Secretary to the Government of the Federation (SGF), Senator George Akume, informed the FEC of the passing away of former Minister of State for the Federal Capital Territory and ex-Deputy Governor-elect of Nasarawa state, Senator Solomon Ewuga, and the former Chief of Staff to Presidents Olusegun Obasanjo and Umaru Musa Yar’Adua, General Abdullahi Mohammed.
The council observed a minute of silence in their honour.
