- As FG secures ¥15b loan to boost Agric scheme projects
- As ministers get marching orders on student loans, social programmes
From Juliana Taiwo-Obalonye, Abuja
The Federal Executive Council meeting presided over by President Bola Tinubu has approved the construction of 28 roads and bridges N1.267 trillion roads and bridges across the country.
The Minister of Works, Dave Umahi made this disclosure while briefing State House at the end of the meeting.
The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, on his part said the federal government has received the sum of ¥15 billion from the Japanese International Cooperation Agency to support the nation’s National Agricultural scheme project.
He explained that the loan is payable for the period of 30 with 10 years moratorium at 10 percent interest rate, adding that bilateral support will not place any form of strain on Nigeria financially.
Edun further disclosed that he informed the council of President Tinubu’s approval of a request to set up an Economic Management Task force that will implement major measures aimed at growing the Nigerian economy, increase production and create jobs that will also reduce poverty.
Edun added that for the next six months the task force made up of selected members of the economic management team, the private sector, as well as the representatives of the Nigerian Governors Forum, will work to deal with major issues of monetary and fiscal policy while ensuring real sector growth.
The Minister added that the EMT Task Force, will be operational over the next six months and report directly to the President while initiatives aimed at growing the economy will be rolled out.
The Minister of Finance also disclosed that the federal government has officially ratify its membership of the European Bank for Reconstruction and Development (EBRD), through preliminary approval, he said this will further enable the country use infrastructure as a multiplier to grow the nation’s economy.
Edun added that Nigeria’s membership of the EBRD will help the country reduce logistics cost on transportation and infrastructure hence maximizing investment.
Minister of Information and National Orientation, Mohammed Idris, said President Tinubu has directed his cabinet to work on his key policy initiatives.
According to him, the President directed all ministers and relevant government officials to “fast track” implementation of consumer credit student loan programs and other social security measures for the benefit of Nigerians.
“There was a directive by Mr. President to ministers and other relevant government officials to ensure that the issue of consumer credit student loans, other social security programmes…initiated by Mr. President and already being implemented be fast tracked for the benefit of Nigerians,” Idris stated.
Minister of Youth, Jamila Ibrahim, said council approved restructured and institutionalization of Nigerian Youth Investment Fund through a legal framework.
She said the Fund, initially established in 2020, and set at ₦75 billion, will now receive ₦25 billion from the 2023 Supplementary Appropriation Act and an additional ₦25 billion from the 2024 Appropriation Act.
According to her, additionally, ₦60 billion will be released from the Central Bank of Nigeria’s SME Investment Fund, focusing on agricultural investments. These measures, she said is aimed at supporting young businesses and stimulate economic growth.
The Minister of State Health and Social Welfare Tunji Alausa, on his part said council approved the report of a basic healthcare provision for sector wide approach launched on December 2023 by President Tinubu.
He said President Tinubu had signed the compact agreement with the 36 state governors which has one percent of consolidated revenue go going into it.