Federal Executive Council on Monday approved multiple financing packages totalling about $2.96 billion, €200 million and ₦215 billion to strengthen key economic sectors including transport, agriculture, power and micro, small and medium enterprises.
Finance and Coordinating Minister of the Economy Taiwo Oyedele, briefing State House correspondents after the meeting chaired by President Bola Tinubu, described the approvals as strategic decisions drawn from 14 memoranda submitted by his ministry.
“For Council, we made very strategic decisions, which I have decided to categorize under five headings,” Oyedele said.
In the transport sector, the council cleared ₦215 billion to complete investments in the Presidential Compressed Natural Gas (CNG) initiative. This covers CNG buses, electric vehicles, CNG-powered tricycles and vehicle conversion centres, aimed at lowering transportation costs.
“This is to do with transportation, how to bring the cost of transportation down,” Oyedele explained, adding that the funds will enable remaining investments under the programme to proceed.
For agriculture, financing arrangements worth $900 million were approved to support rural technical and vocational training, Special Agro-Industrial Processing Zones (SAPZ) and agricultural value-chain projects.
“Altogether, we have different financing arrangements coming to a total of 900 million U.S. dollars,” the minister stated.
On power, a $160 million facility was approved for rural solar energy projects in Niger State, with $150 million from the Islamic Development Bank and $10 million counterpart funding from the state government.
Infrastructure funding includes a $1.2 billion facility for Section Two of the Sokoto–Badagry Super Highway, a major corridor spanning 11 states to improve connectivity and logistics.
To enhance access to credit for MSMEs, the council approved €200 million and $500 million through the Development Bank of Nigeria.
“We always have to think about how to support that sector because supporting them is supporting ourselves and our country,” Oyedele said.
Separately, Oyedele addressed concerns over rising fuel prices, noting ongoing engagements with petroleum marketers and regulators to ensure fair pricing that reflects global crude movements.
He urged operators benefiting from the CNG programme to pass on cost savings to commuters.
“Government had made significant investments in the CNG programme and I call on all stakeholders to play their part in ensuring Nigerians benefit from the intervention,” Oyedele added.
